Long Term Care Calculator
Calculate long-term care costs with inflation projections for nursing homes, assisted living, and home care
Calculate Long-Term Care Costs
Select the billing period for care costs
Select your preferred currency
Current cost of care services
How many years of care are expected?
Expected annual inflation rate (typically 2-4%)
Long-Term Care Cost Projection
Cost Summary
Cost Analysis
Formula & Calculation
First Year Cost: Daily Cost × 365
Inflated Cost Formula: Current Cost × (1 + Inflation Rate)^Year
Total Cost: Sum of all yearly costs with inflation applied
Care Planning Insights
Care Setting Cost Comparison
Home Health Care
Daily Cost: $0
Monthly Cost: $0
Annual Cost: $0
Most cost-effective option with family support
Assisted Living
Daily Cost: $0
Monthly Cost: $0
Annual Cost: $0
Independent living with assistance available
Nursing Home
Daily Cost: $0
Monthly Cost: $0
Annual Cost: $0
24/7 medical care and supervision
Memory Care
Daily Cost: $0
Monthly Cost: $0
Annual Cost: $0
Specialized care for dementia and Alzheimer's
Example Calculation
5-Year Nursing Home Care
Daily Cost: $300
Care Period: 5 years
Inflation Rate: 3% annually
Current Year Cost: $300 × 365 = $109,500
Yearly Cost Breakdown
Year 1: $109,500
Year 2: $112,785 (3% inflation)
Year 3: $116,169
Year 4: $119,654
Year 5: $123,244
Total 5-Year Cost: $581,352
Types of Long-Term Care
Home Health Care
Personal care, medical services, and assistance in your home
Most cost-effective option
Adult Day Care
Daytime care services while living at home
Good for working caregivers
Assisted Living
Independent living with assistance and social activities
Balances independence and support
Nursing Home
24/7 medical care and supervision for complex needs
Highest level of care
Care Planning Tips
Start planning early - costs increase with age and health conditions
Consider long-term care insurance to protect your assets
Research care options in your area for accurate pricing
Account for inflation - care costs typically rise faster than general inflation
Create a comprehensive care plan with family members
Understanding Long-Term Care Costs
What is Long-Term Care?
Long-term care refers to services designed to help people who cannot fully care for themselves due to age, chronic illness, or disability. It includes assistance with daily activities like bathing, dressing, eating, and managing medications.
Why Plan for Long-Term Care?
- •About 70% of people over 65 will need some form of long-term care
- •Medicare and health insurance typically don't cover long-term care
- •Costs can quickly deplete retirement savings without proper planning
- •Early planning provides more options and better financial protection
Cost Calculation Formula
Annual Cost = Daily/Monthly Cost × 365/12
Inflated Cost = Annual Cost × (1 + Inflation Rate)^Year
- Daily Cost: Current daily rate for care services
- Monthly Cost: Current monthly rate for care services
- Inflation Rate: Annual rate of cost increase (typically 3-5%)
- Total Cost: Sum of all yearly costs with inflation
Note: Long-term care costs often increase faster than general inflation. Healthcare inflation typically runs 1-2% higher than overall inflation.