Long-Term Care Self Insurance
Nobody wants to think about the possibility of needing long-term care. But if, somewhere down the line, you and/or your spouse do need assistance, will you have the funds available to pay for care? How much will an extended stay in a nursing facility or care received in your own home cost? Will you be able to meet this cost and still pay your and/or your spouse's personal living expenses? Will there be enough left over to provide an inheritance for your loved ones or your favorite charity? Does it make sense to self-insure when private long-term care coverage is available? This calculator will assist you in answering these questions.
Input
Results
Long-term care costs can be financially devastating, especially if care is needed for an extended time. And remember, these results estimate the potential costs for one person. What if both you and your spouse needed care simultaneously?
This table assumes that long-term-care inflation continues at the same rate entered above. This is a hypothetical example used for illustrative purposes only. Actual results will vary.
Based on your assumptions, the results show the potential cost of care for one year, three years, five years, and ten years of care.
| Your current age: | |
| Age you begin to use long-term-care services: | |
| Assumed inflation rate for long-term-care services: | % |
| The current daily cost of a nursing/long-term care facility: | $ |
| Based on your answers, the average daily cost when care is needed will be: | $ |
| Monthly, this works out to: | $ |
| Total estimated cost if you need one year of long-term care: | $ |
| Total estimated cost if you need three years of long-term care: | $ |
| Total estimated cost if you need five years of long-term care: | $ |
| Total estimated cost if you need ten years of long-term care: | $ |