Long Term Care Insurance Calculator
Long-term care insurance pays for help with daily living when age or illness makes it necessary. Sizing it means comparing the total cost of care with the benefit a policy would actually pay.
Out-of-pocket gap
$112,500.00
- Total cost of care
- $328,500.00
- Total benefit paid
- $216,000.00
- Premiums over the benefit period
- $7,200.00
Values update as you type. This calculator covers the single scenario its formula assumes — see Common Mistakes for what it leaves out.
The formula this calculator uses
Out of pocket = total care cost - total benefit paid
- daily
- Daily cost of care
- years
- Expected years of care
- benefit
- Monthly benefit the policy pays
- months
- Benefit period in months
How to check the result by hand
- 1
Estimate the daily cost of care
Use local rates for the type of care you would choose, whether home care, assisted living or a nursing home. Costs vary widely by region.
- 2
Decide the likely years of care
The average stay is around three years, but dementia can extend it. Use a figure that reflects your family history and the type of care expected.
- 3
Total the cost of care
Multiply the daily rate by 365 and by the years. This is the full bill the household would face without insurance.
- 4
Work out what the policy pays
Multiply the monthly benefit by the number of months in the benefit period. That total is the ceiling on the insurer's payout.
- 5
Compare and plan the gap
Subtract the benefit from the total cost. The remainder is what savings, investments or a hybrid policy would need to cover.
For worked examples, common mistakes and the limits of this formula, read the full How To Calculate Long Term Care Insurance page.