One of the blogs that we follow, Long Term Care Daily, recently posted some links to some long term care calculators that estimated some of the costs for long term care including the average cost based on state (and there are some cities to choose from) and type of care (Nursing home, Assisted Living and Home Health Care). Both of the calculators referenced are very simple and don’t provide an accurate overall cost of care but they do provide a reasonable estimate of what the costs are associated with long term care. What can you really expect from a calculator on the Internet except for an estimate?
The CNNMoney calculator is very basic and just spits out an average number….simple but does not provide much background or support. The data source of CNNMoney’s calculator is the MetLife Mature Market Institute Survey.
The better calculator is from The Federal Long Term Care Insurance Program website. This calculator shows the previous year’s average costs for a Nursing Home, Assisted Living, and Home Health Care. The nice part about this calculator is that you can easily change the hours and days per week of home care you want to include in the calculations as well as the number of years for Nursing Home, Assisted Living and Home Health Care.