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Long Term Care

How much life insurance do you need? Enter your current assets, expenses, income and let us determine how much life insurance you need. You can also adjust the inflation rate and your expected rate of return to see how these variables can impact your insurance needs. Press the report button to see a year by year breakdown of your family’s future income and expenses.

Definitions

Estimated daily cost

This is your current estimated cost of long term care. According to the 2005 MetLife Market Survey of Nursing Home and Home Care Costs, the estimated the average cost for a nursing home stay was over $64,000 per year for a semi-private room. This is about $176 per day. The cost for a private room was just over $74,000 or $203 per day. Assisted living at home can cost more than $38,000 per year or $19 per hour for a home healthcare aid. Both of these long-term care costs can be considerably higher in larger metropolitan areas.

Years of care

The number of years you expect to require long term care. The average stay in a nursing home is about 2.5 years, but can vary considerably.

Inflation rate

What you expect for the average long-term inflation rate. A common measure of inflation in the U.S. is the Consumer Price Index (CPI), which has a long-term average of 3.1% annually, from 1925 through 2005. We will increase the cost of your long term care by this rate each year.

Funds currently available

The total amount that you have saved or invested that would be available to pay for long term care expenses.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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