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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.

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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.