Thrivent Financial Bank

Long Term Care

Long term care is needed by those who can't perform the basic tasks required to take care of themselves. This can include people suffering from a debilitating illness or chronic injury. The need for long term care can arise unexpectedly, often creating a large financial burden. This calculator can help you determine if you are financially prepared for this impending expense.

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Definitions

Estimated daily cost: Estimated daily cost; This is your current estimated cost of long term care. According to the Genworth Financial 2007 Cost of Care Survey, the estimated average cost for a nursing home stay was $65,985 per year for a semi-private room. This is about $181 per day. The cost for a private room was $74,806 or $204 per day. Assisted living at home can cost more than $32,572 per year or $25.47 per hour for a home healthcare aid. All 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 2007. The CPI for 2007 was 2.4%, as reported by the Minneapolis Federal Reserve. 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.

These interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide specific financial advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical, are for illustrative purposes only, are not guaranteed, and may differ from a more in depth analysis. You are encouraged to seek personalized analysis and/or advice from a qualified professional regarding all personal finance issues.