Cost of Care Calculator

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One option for paying for long-term care services is to set aside an amount of money each month that will be used to pay for future long-term care services. Use this tool to help you evaluate how much money you would need to save if you chose not to purchase long-term care coverage. This calculator is for illustrative purposes only. The specific amount of long-term care coverage you may need is dependent upon your individual situation and long-term care plan. Please consult with a financial or other trusted advisor to assess your long-term care needs and financial plans.

Your Current Age:

Enter your current age.

Expected Retirement Age:

Enter the age you expect to stop saving for long-term care services.

Monthly Savings Toward Future Long-Term Care Needs:

Enter the monthly amount you are able to save for long-term care now.

Savings Interest Rate:

Annual rate of interest you expect your long-term care savings to earn.

Retirement Location:

Long-term care costs can vary from state to state. Select the state where you might retire.

Daily Cost of Care:

This is the average cost of long-term care services in for a semi-private nursing home. Costs vary by metropolitan region and type of care received. Costs for an assisted living facility, or care in your home from a certified home health aid, could be lower than the value shown here.^a

Age Care Begins:

Enter the age that you anticipate you will need long-term care.

Length of Care:

Enter how many years you anticipate needing long-term care. The current average time in claim for a CalPERS Long-Term Care Program participant is 3.4 years.^b

Data calculation procedure (2018 data): The sample population was derived from a list of approximately 17,000 Medicare-certified skilled nursing facilities. Across all of the defined regions, surveyors polled at least 10% of all certified skilled nursing facilities without exception. At least ten facilities completed the survey in all regions while many regions yielded significantly larger sample sizes. A representative sample of 7,000 nursing homes contributed data to this study. Data collected includes the daily rate for a semi-private room (two occupants) in Medicare-certified nursing facilities.
LTCG, 2018.
Your actual costs for long-term care services will be dependent on several variables that include the type of care received and the length of care. The cost of long-term care services shown here is for illustrative purposes only.