Long-Term Care Insurance Calculator

This calculator helps you estimate long-term care insurance costs and determine appropriate coverage options for potential future care needs, including nursing homes, assisted living, and home care.

Understanding Long-Term Care Insurance

Long-term care insurance helps cover the cost of care when you need help with daily activities or require supervision due to a chronic illness, disability, or cognitive impairment. This care can be provided in various settings, including your home, an assisted living facility, or a nursing home.

Policy features to consider include daily/monthly benefit amounts, benefit periods, elimination periods, inflation protection, and shared care options. Use this calculator to estimate costs and determine appropriate coverage options.

Long-Term Care Insurance Calculator

Estimate your long-term care insurance costs and coverage needs based on your age, health, and desired benefits.

Personal Information

Your Current Age

Gender

Health Status

Marital Status

Cost of Care in Your Area

Tobacco Use in Last 12 Months

Family History of Conditions Requiring Long-Term Care

Coverage Options

Daily Benefit Amount ($)

Benefit Period

Elimination Period (Days)

Inflation Protection

Financial Information (Optional)

Expected Annual Retirement Income ($)

Retirement Savings/Investments ($)

Other Assets ($)

Policy Cost Estimate

Long-Term Care Insurance Analysis

Monthly Premium

$0.00

Annual Premium

$0.00

Daily Benefit

$200.00

Lifetime Benefit Pool

$0.00

Adjusted Daily Benefit at Age 80

$0.00

Estimated Out-of-Pocket Costs

$0.00

Results update automatically as you change your inputs

Coverage Analysis

Coverage Summary

Daily Benefit Amount:$200.00
Benefit Period:3 Years
Elimination Period:90 Days
Inflation Protection:3% Compound
Total Benefit Pool:$0.00
Benefit at Age 80:$0.00 per day

Financial Assessment

Care Affordability Without Insurance:

LimitedModerateStrong

Your financial resources may be insufficient to cover extended long-term care needs. Long-term care insurance would provide important financial protection.

Recommended Daily Benefit:$0.00

Based on your financial information and the average cost of care in your selected area.

Important Considerations

Premiums are not guaranteed and may increase over time
Health qualification becomes more difficult as you age
The "right" amount of coverage balances protection with affordability
Some policies offer shared benefits for couples, allowing spouses to use each other's benefits if needed
Tax-qualified LTC policies may offer tax advantages (consult a tax professional)

This calculator provides estimates only. Actual premiums and benefits will vary by insurance company, your specific health status, and other underwriting factors. For a precise quote, contact an insurance agent who specializes in long-term care coverage.

Understanding Long-Term Care Insurance

Long-term care insurance helps cover costs for assistance with daily activities when you can no longer perform them independently due to aging, illness, or disability.

Key Policy Features

Daily Benefit Amount: The maximum your policy will pay per day for care. Current average nursing home costs range from $200-$300 daily depending on location.
Benefit Period: How long benefits will be paid. Common options are 2, 3, 5, or 10 years, or lifetime coverage.
Elimination Period: The waiting period before benefits begin after you qualify. Similar to a deductible.
Inflation Protection: Increases your benefits over time to keep pace with rising care costs. Crucial for younger buyers.

Statistics to Consider

70% of people over 65 will need some form of long-term care
The average duration of long-term care is 2-3 years
Women typically need care longer (3.7 years) than men (2.2 years)
20% of people will need care for more than 5 years
Care costs increase 3-5% annually on average

When to Consider Coverage

The ideal age to purchase is 50-60, when premiums are lower but you're still likely to qualify. Consider coverage if:

You want to protect your retirement savings
You desire care options beyond what Medicaid would provide
You want to avoid burdening family members with caregiving
Your family has a history of longevity or conditions requiring care

How to Use This Calculator

This calculator helps you make informed financial decisions by providing accurate estimates based on the information you provide. Follow these steps:

Enter Your Details

Fill in all required fields with your financial information.

Adjust Parameters

Use sliders and toggles to customize scenarios and assumptions.

View Results

Get instant calculations that update as you change inputs.

Compare Options

Try different scenarios to find the best financial solution.

Long-Term Care Insurance Resources & Tips

Coverage Selection Tips

Consider purchasing in your 50s or early 60s when premiums are lower
Choose a daily benefit amount that covers at least 50-80% of care costs in your area
Select a benefit period that balances affordability with adequate coverage (3-5 years is common)
Include inflation protection to ensure benefits keep pace with rising care costs
Consider a longer elimination period (90-100 days) to reduce premiums
Look into hybrid policies that combine life insurance with long-term care benefits
Compare policies from multiple insurers to find the best value