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How to Estimate Long Term Care Costs

The first step in making your plan for long-term care is estimating how much that care will cost. You can do it in 6 easy steps! Let's get started:  

Step 1: Find your state's average cost for long-term care. Click here to use Genworth's comprehensive cost estimator. You'll see a map that looks like this—all you have to do is click on your state.

Cost of long term care across the nation.



Step 2:
Study the chart that shows your state's average annual care costs. If you're not absolutely sure where you'll retire, you can check out the cost comparison on a location-by-location basis. Click "Compare Costs by Location" and select up to 2 more states to compare. For this example, we'll compare California and Arizona.

Median annual long term care costs for your state.


Step 3:
Check out the difference in price between your options. In this example, there's a huge difference between the cost for a nursing home in California and one in Arizona! Now, you want to get an estimate of your daily costs—this is the number you'll need when you get a long-term care quote. Select "Daily" in the "Choose the cost breakdown" menu, and then click "Calculate Future Costs."

Comparison of long term care annual costs for 2 states.


Step 4:
Estimate how long it's going to be before you'll need care. If you're 40 now and in good health, for example, you may not need care until you're 70. You can use the dropdown menu to select the number of years until you need care. Click "Calculate" to continue.

Comparison of daily long term care costs


Step 5:
Take a look at your daily cost of care in your selected locations for the year you think you'll need it. This is the number you'll need to enter into the long-term care quote generator. Select the type of care you want to insure yourself for. For this example, we'll use a private one-bedroom in an assisted living facility in Arizona ($441).

Future cost comparison of long term care.


Step 6:
Take the daily dollar value for the cost of care, and get your free long-term care insurance quote right here. Plug your daily amount into the "Benefit Amount" box. When it asks you for "Inflation Protection," select "None"—you've already built this into your benefit amount. Click "Submit" to get your quote.

Long term care insurance quote from Trusted Quote.

 

 

 

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*Comparison of each carrier’s best published rates for a
10-year level term policy, 30-year-old non-smoking female


^Represents 10-year level term life insurance rates for 40-year-old female,
in good health, no tobacco, residing in Ohio.

R. Jan Pinney CLU, ChFC is a licensed life insurance agent in all states and the District of Columbia. The following agent license numbers are provided for R. Jan Pinney as required by state law: CA agent #0440057, LA agent #291116, MA agent #1674866, MN agent #20270113, UT agent #58330, agent R. Jan Pinney, DBA Pinney Insurance Services. Commercial use by others is prohibited by law. This site provides term quotes. Each rate is a quote based on information provided by the carrier. No portion of Trusted Quote may be copied, published, faxed, mailed or distributed in any manner for any purpose without prior written authorization of the owner.

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