Long Term Care Calculator
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 long term care calculator can help you determine if you are financially prepared for this impending expense.
Definitions
- Estimated daily cost
- This is your current estimated cost of long term care. In a May 2003 report, The American Health Care Association estimated the average cost for a nursing home stay at $50,000 per year. This is about $137 per day. They also estimated that assisted living at home can cost more than $26,000 per year or $71 per day. Both 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. This has been calculated by the Consumer Price Index from 1925 to 2002 to be 3.1%. 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.
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