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Phillip E. Cook, CFP®

Printed from: www.cookandassoc.com
  • Cook and Associates
  • 818 Manhattan Bch Blvd, Suite 200, Manhattan Beach, CA 90266
  • (310) 545-6700 | phil.cook@lplfinancial.com

Long-Term Care
Self-Insurance

Will You Be Able to Afford Nursing Home Care?

Medicare will pay for medically necessary skilled nursing-facility care only if admission follows a minimum three-day hospitalization and the patient's condition is improving.

Nobody wants to think about the possibility of needing long-term care. But if, somewhere down the line, you and/or your spouse do need assistance, will you have the funds available to pay for care? How much will an extended stay in a nursing facility or care received in your own home cost? Will you be able to meet this cost and still pay your and/or your spouse’s personal living expenses? Will there be enough left over to provide an inheritance for your loved ones or your favorite charity? Does it make sense to self-insure when private long-term-care coverage may be available? This calculator will assist you in answering these questions.

The current average daily nursing home cost in a private room nationwide is $280 according to the 2019 Genworth Cost of Care Survey. But in some areas of the country, and/or for a private room at a high quality facility, the daily amount can easily exceed $300.

 

Based on your assumptions, the results show the potential cost of care for one year, three years, five years, and 10 years of care.

Skip Table Information
Your Results
Description Amount
Your current age: 0
Age you begin to use long-term-care services: 0
Assumed inflation rate for long-term-care services: 0%
The current daily cost of a nursing/long-term care facility: $0
Based on your answers, the average daily cost when care is needed: $0
Monthly, this works out to: $0
Total estimated cost if you need one year of long-term care: $0
Total estimated cost if you need three years of long-term care: $0
Total estimated cost if you need five years of long-term care: $0
Total estimated cost if you need 10 years of long-term care:  $0

Long-term care costs can be financially devastating, especially if care is needed for an extended time. And remember, these results estimate the potential costs for one person. What if both you and your spouse needed care simultaneously?

Can You Afford To Self-Insure?

This table assumes that long-term-care inflation continues at the same rate entered above.