Calculate Your Long Term Care Costs
Use this calculator to estimate the annual costs of the times when you might need long term care and check if you are financially prepared for these immense expenses.
About long term care
Long term care is needed when one cannot perform their basic daily tasks and requires help to take care of themselves. This need can arise unexpectedly and often can create a huge financial burden.
Explanation of the fields that need to be filled:
The average daily cost for a private room in a nursing home is $248, and for a semi-private room is $222. Meanwhile the average cost for home health aides (assuming an 8-hour day) is $168.*
Read more about long term care costs and how to deal with them in our article: Dealing with the costs of long-term care insurance.
*Source: MetLife’s Market Survey of Long-Term Care Costs for 2012
- Estimated daily cost
This is the amount you will have to pay daily for long term care – whether it is for a room in a nursing home or for assisted living at home.
- Funds currently available
The amount of money you have currently in savings that you can use for long term care in case you need it.
- Inflation rate
The average rate at which your long term care costs will increase every year. Currently this rate is about 3%.
- Years of care
How many years you expect to require long term care. On average people spend around 2 years and a half in a nursing home, but this number can vary greatly.