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.
Daily Cost of Nursing Home ($ / Day)
This is the average daily rate for a nursing home. According to a 2017 study by Genworth, the average daily rate for a private room was $267, while the cost of a semiprivate room was $235.
Projected Years of LTC (Years)
This is the number of years you expect to provide long term care for a loved one. According to a 1999 study by the National Center for Health Statistics, the average stay in a nursing home was 892 days or approximately 2 to 3 years.
Long Term Care Funds ($)
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.
Projected Increase in LTC Costs (%)
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.
LTC / Nursing Home Costs
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.
Total Long Term Care Cost ($)
This is the calculated total long term care, or nursing home care, costs based on the information provided.
Long Term Care Funding Gap ($)
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.
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.