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 considerably.
Inflation rate
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. |
