🏥 Long Term Care Calculator
Estimate long-term care costs
Average is around 80 years old
Average is 3-5 years
Typical: $3,000-$8,000/month for nursing home care
Healthcare costs typically rise 3-5% per year
How to Use This Calculator
Enter Your Age
Input your current age to calculate how many years until you may need long-term care.
Set When Care Is Needed
Enter the age when you expect to need long-term care (typically 75-85 years old). The average is around 80 years old.
Enter Care Duration and Costs
Input how many years of care you expect to need (average is 3-5 years) and current monthly care costs. Typical nursing home costs are $3,000-$8,000/month.
Review Results
See the total estimated cost of long-term care, accounting for inflation. Use this to plan for long-term care insurance or savings.
Formula
Future Annual Cost = Current Annual Cost × (1 + Inflation Rate)ⁿ
Total Cost = Future Annual Cost × Years of Care
Where:
• n = Years until care is needed
• Current Annual Cost = Monthly Cost × 12
Example Calculation:
If you're 50, will need care at 80, need 3 years of care, current cost is $5,000/month, inflation is 3%:
• Years until need: 80 - 50 = 30 years
• Current annual cost: $5,000 × 12 = $60,000
• Future annual cost: $60,000 × (1.03)³⁰ = $145,636
• Total cost: $145,636 × 3 = $436,908
About Long Term Care Calculator
A long-term care calculator helps you estimate the future cost of long-term care services, which can include nursing home care, assisted living, home health care, or adult day care. Long-term care is often needed as people age and can no longer perform daily activities independently. These costs can be substantial and are typically not covered by traditional health insurance or Medicare. Planning ahead for long-term care costs is essential for financial security in retirement.
When to Use This Calculator
- Retirement Planning: Plan for long-term care costs in retirement
- Insurance Planning: Determine if long-term care insurance is needed
- Savings Goals: Set savings goals for future care needs
- Family Planning: Plan for care needs of aging parents
- Financial Planning: Understand the financial impact of long-term care
Types of Long-Term Care
- Nursing Home Care: $3,000-$8,000/month for skilled nursing facilities
- Assisted Living: $2,500-$5,000/month for assistance with daily activities
- Home Health Care: $2,000-$5,000/month for in-home care services
- Adult Day Care: $1,500-$3,000/month for daytime care services
Why Use Our Calculator?
- ✅ Future Cost Planning: Account for inflation in care costs
- ✅ Realistic Estimates: Get accurate projections of future expenses
- ✅ Insurance Decisions: Help decide if long-term care insurance is needed
- ✅ Savings Planning: Determine how much to save for care
- ✅ 100% Free: No registration or payment required
Long-Term Care Planning Tips
- Start Planning Early: The earlier you plan, the more options you have
- Consider Insurance: Long-term care insurance can help cover costs
- Save Specifically: Set aside funds specifically for long-term care
- Research Options: Understand different care options and costs in your area
- Family Discussion: Discuss care preferences and plans with family
- Medicaid Planning: Understand Medicaid eligibility if needed
Frequently Asked Questions
What is long-term care?
Long-term care refers to services needed when you can no longer perform daily activities independently, such as bathing, dressing, eating, or managing medications. It can include nursing home care, assisted living, home health care, or adult day care.
How much does long-term care cost?
Long-term care costs vary by location and type of care. Nursing home care typically costs $3,000-$8,000 per month, assisted living costs $2,500-$5,000 per month, and home health care costs $2,000-$5,000 per month. Costs are rising faster than general inflation.
Does Medicare cover long-term care?
Medicare typically does not cover long-term custodial care (help with daily activities). Medicare may cover short-term skilled nursing care after a hospital stay, but ongoing long-term care is usually not covered. Most people pay out-of-pocket or use Medicaid (if eligible) or long-term care insurance.
When should I buy long-term care insurance?
The best time to buy long-term care insurance is typically in your 50s or early 60s, when premiums are more affordable and you're more likely to qualify. Premiums increase with age and health issues may make you uninsurable.
How long will I need long-term care?
The average duration of long-term care is about 3-5 years, though it can vary significantly. Some people need care for just a few months, while others may need care for 10+ years. Women typically need care longer than men.
What happens if I can't afford long-term care?
If you can't afford long-term care, you may qualify for Medicaid, which covers long-term care for those with limited assets and income. However, Medicaid has strict eligibility requirements and may limit your choice of care facilities. Planning ahead can help preserve assets and provide more options.