eCare Diary’s Cost Calculator helps estimate the cost of ongoing care services to help you plan ahead and budget as much as possible. Just fill in the price of the service in the Cost of Care box. Then, type in the duration of the service in the Duration box and select a choice (hours, day, week or month) from the drop down menu. Hit the Calculate button and the total cost of the service will display automatically.
If you are looking for financial resources required to pay for the home care, assisted living or long term care of their loved ones, website PayingForSeniorCare.com offers a free Eldercare Financial Resource Locator Tool.
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 3.1% 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.