Long Term Care Calculator

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Long term care is needed by those who can’t perform the basic tasks required to take care of themselves. This can include people suffering from a debilitating illness or chronic injury. The need for long term care can arise unexpectedly, often creating a large financial burden. This calculator can help you determine if you are financially prepared for this impending expense.


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Long Term Care Calculator

Long Term Care


Annual long term care is estimated at ESTIMATED_ANNUAL_COST.

**GRAPH**

Long term care is needed by those who can’t perform the basic tasks required to take care of themselves. At ESTIMATED_DAILY_COST per day, your annual long term care costs are estimated at ESTIMATED_ANNUAL_COST. If you continue to require long term care for YEARS_OF_CARE years, your total cost is estimated at ESTIMATED_TOTAL_NEED.









Results Summary
Estimated daily cost ESTIMATED_DAILY_COST
Years of care YEARS_OF_CARE
Inflation rate INFLATION_RATE
Funds currently available FUNDS_CURRENTLY_AVAILABLE
Estimated annual cost ESTIMATED_ANNUAL_COST
Estimated total need ESTIMATED_TOTAL_NEED
Unprotected need UNPROTECTED_NEED


Estimated Annual Costs



**REPEATING GROUP**





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Definitions


Estimated daily cost
This is your current estimated cost of long term care. According to the Genworth Financial 2009 Cost of Care Survey, the estimated average cost for a nursing home stay was $66,886 per year for a semi-private room. This is about $183 per day. The cost for a private room was $74,208 or $203 per day. Assisted living at home can cost more than $33,466 per year or $18.50 per hour for a home healthcare aid. All of these long-term care costs can be considerably higher in larger metropolitan areas.


Years of care
The number of years you expect to require long term care. The average stay in a nursing home is about 2.5 years, but can vary considerably.


Inflation rate
What you expect for the average long-term inflation rate. A common measure of inflation in the U.S. is the Consumer Price Index (CPI), which has a long-term average of 3.1% annually, from 1925 through 2009. The CPI for 2009 was -1.0%, as reported by the Minneapolis Federal Reserve. We will increase the cost of your long term care by this rate each year.


Funds currently available
The total amount that you have saved or invested that would be available to pay for long term care expenses.