Long-Term Care Needs Calculator
Long-Term Care Needs
Estimate the potential cost of long-term care services based on your age, health risk factors, and the type and duration of care you may need.
Formula
Future Annual Cost = Current Cost x (1 + Inflation)^Years Until Need; Total Cost = Sum of Future Cost x (1 + Inflation)^y for each year of care; Monthly Cost = Annual Cost / 12
Frequently Asked Questions
What is the average length of long-term care?
The average person who reaches age 65 has about a 70 percent chance of needing long-term care. Women need care for an average of 3.7 years and men for about 2.2 years, though some individuals may need care for much longer.
How much does long-term care cost today?
National median costs in 2023 are approximately $62,000 per year for a home health aide, $64,200 for assisted living, $100,375 for a semi-private nursing home room, and $116,800 for a private nursing home room.
What are the options to pay for long-term care?
Options include long-term care insurance, personal savings, Medicaid (for those who qualify), hybrid life insurance with LTC riders, Health Savings Accounts, Veterans benefits, and reverse mortgages. Medicare covers only limited short-term skilled care.
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