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.
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 3.22% annually, from 1913 through 2013. 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.