This long term care calculator can help you to estimate the funds you might need to provide long term care (LTC) to a loved one. The calculator uses the average daily cost of long term care / nursing home care, the projected number of years spent in a home, and the projected annual increase in LTC costs to determine if any funding gap exists.
The variables used in our online calculator are defined in detail below, including how to interpret the results.
This is the average daily rate for a nursing home. According to a 2010 study by MetLife, the average daily rate for a private room was $229, while the cost of a semiprivate room was $205.
This is the number of years you expect to provide long term care for a loved one. According to a 1999 study by the National Center for Health Statistics, the average stay in a nursing home was 892 days or approximately 2 to 3 years.
If you have money, or an asset such as a home, that can be used to provide funding for long term care / nursing home care, then enter that amount here.
This is the projected annual increase in long term care costs. According to the Centers for Medicare & Medicaid Services, the total increase in nursing home care expenditures over the next ten years is expected to be around 5.1% per year.
This calculator provides an estimate of up to 10 years of long term care (LTC) / nursing home costs. The cost for each year is provided, and increased by the annual projection increase supplied earlier.
This is the calculated total long term care, or nursing home care, costs based on the information provided.
This long term care funding gap is the difference between the calculated need for long term care funding, and the funds available to pay for long term care.
Long Term Care Calculator - Copyright © 2006 - 2015 Money-Zine.com (Last Reviewed on January 19, 2015)
Disclaimer: These online calculators are made available and meant to be used as a screening tool for the investor. The accuracy of these calculations is not guaranteed nor is its applicability to your individual circumstances. You should always obtain personal advice from qualified professionals.