Estimate Long Term Care Costs to Reduce Caregiver Stress

long term care costs

Cost is a major factor in long term care decisions

Paying for senior care is a major source of stress for family caregivers.

As your older adult needs more and more help, you’ll probably be choosing between different long term care options, like hiring home care vs moving to assisted living. A key part of those decisions will be based on how much their care will cost.

Get a head start and avoid the stress of unpleasant surprises by estimating future costs. We found a quick and easy online tool that calculates and compares costs for different long term care options.




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Online tool helps estimate and compare long term care costs

Genworth has a useful online cost comparison tool. It helps you compare costs for long term care options in your older adult’s state. The tool is free to use and doesn’t require you to sign up for anything.

The estimated numbers won’t be exactly the same as specific facilities or services in their local area, but it helps you get a ballpark idea. That helps you narrow down the options to those that will be the most reasonable for your older adult’s financial situation.

 

How to use the cost comparison tool

To give you a basic idea of the costs, the 2016 national median (average) monthly costs for home care, adult day programs, assisted living, and nursing homes are shown under the cost comparison tool.

long term care costsGenworth’s online long term care cost estimator tool and national monthly average costs

 

To estimate costs for your older adult’s state:

  1. Click here to get to Genworth’s online tool
  2. Select the state using the drop down menu (left) or click it on the U.S. map (right)
  3. Select the city or choose “State Median” to see the average for that state
  4. Choose the time period for the costs: daily, monthly, or annual

long term care costsAverage monthly long term care costs in Texas

 

If you want to get an idea of what the costs will be like in the next 10, 20, or 30 years, use the Calculate Future Cost slider bar.

long term care costsComparing 2016 and 2021 costs in New York

 

To compare costs between different cities or states, use the Compare Location button to add another location.

long term care costsComparing costs in California and Florida

 

Make realistic plans for the future

To plan for your older adult’s future, it helps to ask yourself some key questions:

  • How is your older adult’s overall health?
  • Will they be living with someone or close to someone who can provide some care? Or will they need full- or part-time hired help?
  • Do they enjoy socializing with others their age? Or would they prefer to stay at home and see mostly family?

Answering those questions will help you figure out if in-home care or adult day programs will work or if assisted living or a nursing home would be better options.




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Bottom line

This tool is useful for planning whether your older adult needs care now or is active and independent. Financial issues is a big source of stress for many families, often because costs are sprung on them suddenly.

Minimize stress by using this online tool to estimate care costs several years into the future. That gives you time to explore different ways to pay for care or get help from an elder law attorney to plan a Medicaid spend down strategy.

 

Next Step  Get an estimate of your older adult’s long term care costs

 

Recommended for you:
How to Pay for Assisted Living: 6 Options
Benefits Programs Help Pay for Caregiving Expenses
5 Steps to Take When Medications Are Not Covered by Medicare

 

By DailyCaring Editorial Team
Image: Princeton Care Center

 

This article wasn’t sponsored and doesn’t contain affiliate links. For more information, see How We Make Money.


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