Long-Term Care Calculator

Shawn Plummer

CEO, The Annuity Expert

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.

By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.

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Long-Term Care Insurance Calculator

Get detailed calculation results on your long-term care and see what your financial future looks like.

Long-Term Care Insurance Cost Calculator

What Does Annuity Expert’s Long-Term Care Insurance Cost Calculator Do?

Our calculator helps families forecast long-term care costs based on their current savings, inflation rate, and years of care. The estimated daily cost will estimate how much you will spend on services like home health aide and homemaker services. The estimated cost you see on the calculator may also give you an idea of how much money you will need to cover the expenses of personal care services.

Long Term Care Insurance Cost Calculator

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Frequently Asked Questions

What is long-term care?

Long-term care is care that is often provided by family members or caregivers either at nursing homes, assisted living homes, or at other facilities.

What is long-term insurance?

Long-term care insurance is a cover designed for people who need daily living assistance and medical care. The cover usually covers the expenses of home health care, nursing homes, and other facilities.

People aged 45 and 85 can qualify for long-term care insurance and ensure they will be taken care of without breaking the bank.

What are long-term assisted living facilities?

Long-term care comes in many forms:
Nursing home – This type of long-term care is for people who need 24/7 supervision. The residents often receive speech and physical therapy, custodial care, and multiple meals per day. Nursing homes can be private or semi-private, and their residents can choose to stay for a short or long time.
Assisted Living – This type of long-term care is for residents who do not require medical assistance but rather help with daily life, e.g., housekeeping. Residents in assisted living facilities are usually healthier and do not need 24/7 supervision.
Residential care home – Residential care homes are similar to assisted living facilities. The difference is that residents live in a kind of neighborhood designed for about 20 people.
Memory care – These facilities are designed for people with dementia and Alzheimer’s disease.

What is the estimated median annual cost for a nursing home?

Genworth Financial claims in the 2020 Cost of Care Survey that the estimated median annual cost for a nursing home stay was $93,075 per year for a semi-private room. The current estimated cost for care facilities varies from state to state.

What is the rule of thumb for long-term care insurance?

The cost of your long-term care premiums will greatly depend on your age, current health status, medical history, duration, and coverage. Some policies offer riders, e.g., an inflation rider that protects policyholders from rising inflation.

Hence, taking out a long-term care policy is cheaper for younger adults. People aged 45-60 are usually considered low-risk by insurance companies. In addition, if you maintain a healthy lifestyle and don’t have severe health complications, your premiums may also be lower.

What will long-term care policies usually pay for?

Long-term care insurance for formal and informal care pays for:
Home Health Care
Continuing Care Retirement Communities
Assisted Living Facilities
Skilled Care
Respite Care
Custodian Care

Is long-term care insurance worth the expense?

Considering the rising costs of nursing homes and other facilities, long-term care insurance ensures you medical and personal assistance in old age. Since your policy will be paying for the facility you will be staying in, you can safeguard your personal savings.

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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