Long Term Care Calculator
Long term care is needed by those who can't perform the basic tasks required to take care of themselves. This calculator can help you determine if you are financially prepared for this impending expense.
How the long term care calculator works
It inflates today’s annual cost of care forward to the year you might need it, then multiplies by the expected number of years of care to estimate the total future bill.
Worked example: with annual cost of care (today) of $65,000, years until care may be needed of 25 and expected years of care of 3, the long-term care cost calculator shows projected total cost of care of $586,060.
- Cost today
- $65,000
- Future annual cost
- $195,353
- Years of care
- 3
- Total projected cost
- $586,060
The formula
Future annual cost = today’s cost × (1 + healthcare inflation)^years until care. Total = future annual cost × years of care.
Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender, plan administrator or advisor.
Questions about the long term care calculator
How much does long-term care cost?
A great deal and rising — nursing-home and in-home care can run tens of thousands of dollars a year today, and healthcare inflation pushes future costs much higher, as the calculator shows.
Does Medicare cover long-term care?
Largely no. Medicare covers only short, skilled-care stays, not extended custodial care. Most long-term care is paid privately, by long-term care insurance, or by Medicaid once assets are depleted.
How do I plan for these costs?
Through long-term care insurance, a hybrid life/LTC policy, or earmarked savings. Estimating the future cost, as here, is the first step in choosing.
Is the Long Term Care Calculator free to use?
Yes. Every calculator on FinCalculators is completely free, with no sign-up, login or paywall. You can run as many scenarios as you like.