Long-Term Care Calculator

Long-term care refers to a range of services that help people with chronic illnesses, disabilities, or other conditions who need assistance with daily activities over an extended period. This includes help with bathing, dressing, eating, and mobility, provided in settings like your home, an assisted living facility, or a nursing home. See also our find Years to Reach $1 Million with Becoming a Millionaire Calculator.

Studies estimate that approximately 7 out of 10 people turning 65 today will need some form of long-term care during their lifetime. The need and duration vary widely — some people require only a few months of care while others may need care for several years.

The main types include home care (aides who assist with daily tasks in your own home), assisted living facilities (residential communities offering supervision and personal care), and nursing homes (facilities providing continuous skilled nursing care). Each varies significantly in cost and level of medical support provided.

Medicare covers only limited short-term skilled nursing or rehabilitation care under specific conditions — it does not cover ongoing custodial long-term care. Standard health insurance also typically excludes long-term care. Medicaid may cover costs, but only after you have spent down most of your assets to meet eligibility requirements. You might also find our 401k Calculator useful.

Long-term care costs vary significantly by geographic region due to differences in the cost of living, labor markets, and local regulations. For example, care in the Northeast and West tends to cost considerably more than care in the Southeast or Midwest. Using a regional estimate gives you a more accurate projection than national averages alone.

Long-term care costs have historically increased at a rate of 3–4% per year, outpacing general inflation. This calculator applies your chosen annual inflation rate to today's base care costs, compounding them over the number of years until you expect to need care. A higher inflation rate assumption provides a more conservative (safer) estimate.

Financial planners generally recommend starting your long-term care planning in your 50s or early 60s. At this stage, long-term care insurance premiums are lower, and you are more likely to qualify medically. Waiting until your health declines may limit your coverage options or make insurance unaffordable.

Common strategies include purchasing long-term care insurance, contributing to a Health Savings Account (HSA), setting aside dedicated savings or investments, hybrid life/LTC insurance policies, or annuities with long-term care riders. A financial advisor can help you determine the right combination based on your age, health, and financial situation.