A long-term care insurance calculator estimates annual premiums and helps you plan for eldercare costs. With nursing home care averaging $95,000-$108,000/year in the U.S. (2026), LTC insurance protects retirement savings from being depleted by extended care needs affecting 70% of people over age 65.
Planning Note: Premium estimates are based on industry rate data. Actual premiums depend on your health status, state, and insurer. Apply while healthy — approximately 30% of applicants over 70 are declined.
Policy Parameters
Premium & Cost Summary
Break-Even Analysis
Coverage at Age 85 (Inflation-Adjusted)
2026 National Average Care Costs
Source: Genworth Cost of Care Survey 2026 estimates. Costs vary significantly by state.
How to Use the Long-Term Care Insurance Calculator
This long-term care insurance calculator estimates annual premiums and break-even analysis for LTC coverage. The calculator uses industry rate data by age bracket, adjusted for daily benefit amount, benefit period, elimination period, and inflation protection choice.
Choosing the Right Daily Benefit
Start with the average nursing home cost in your state — ranges from $65,000/year in rural states to $150,000+/year in California and New York. Divide by 365 to get the daily rate. If you plan to use your savings to cover a portion of costs, buy insurance for 60-70% of the projected daily rate. The average nursing home stay is 2.5 years; assisted living stays average 4+ years.
3-Year vs Lifetime Benefit Period
The average long-term care need lasts 2.5 years. A 3-year policy covers the average case while a lifetime policy protects against worst-case scenarios (Alzheimer's, Parkinson's, MS) that can require 8-10+ years of care. The premium difference between 3-year and lifetime is substantial — often 40-60% more for lifetime. Most financial planners recommend 3-5 years plus a self-insured layer of savings for catastrophic scenarios.
Why the Elimination Period Matters
The 90-day elimination period is the most popular choice because short-term care needs are often manageable from savings or Medicare (which covers up to 100 days in a skilled nursing facility for qualifying conditions). Insurance is most valuable for longer-term custodial care that Medicare doesn't cover. The 30-day elimination period costs significantly more in premiums and provides less value relative to cost.
The Inflation Protection Decision
If you're 55 and won't likely need care until age 78-80, your policy needs to keep pace with 23-25 years of care cost inflation. At 3% annual inflation, a $150/day benefit purchased today would need to be $295/day in 25 years. The 5% compound inflation rider keeps pace more aggressively — your $150/day benefit grows to $508/day over 25 years. Without inflation protection, your real coverage value erodes significantly over time.
FAQ
How much does long-term care insurance cost?
Annual premiums vary widely by age at purchase: buying at age 55 typically costs $2,000-$3,500/year for a standard policy ($150/day benefit, 3-year benefit period). Waiting until 60 raises costs to $3,000-$5,500/year. At 65, expect $4,500-$8,000/year. Couples can get a 30-40% discount on joint policies. The sooner you buy, the lower the locked-in rate.
What is the elimination period in long-term care insurance?
The elimination period (or waiting period) is how many days you must pay out-of-pocket before insurance kicks in. A 90-day elimination period is the most common and costs less than 30 or 60 days. At $150/day average nursing home cost, a 90-day period means you'd pay ~$13,500 before benefits start. Think of it as a self-insured deductible measured in days.
What does long-term care insurance cover?
LTC insurance covers care when you can't perform 2 of 6 Activities of Daily Living (ADLs): bathing, dressing, eating, continence, transferring, toileting. It covers nursing home care, assisted living facilities, adult day care, in-home care from professional caregivers, and hospice care. It does NOT cover standard medical expenses covered by Medicare or health insurance.
Is inflation protection worth the extra cost?
Yes, for most buyers. Nursing home costs have increased ~3-4% annually for decades. A $150/day benefit purchased at age 55 would need to be $270/day by age 80 just to keep pace with inflation. The 5% compound inflation rider doubles your benefit every ~14 years — critical for policies you may not use for 20-30+ years.
When should I buy long-term care insurance?
The optimal window is ages 55-65. Buying younger (40s) means decades of premiums before likely use. Buying older (70+) often means declining health disqualifies you or makes premiums unaffordable. Health underwriting is strict — apply when healthy. Roughly 30% of applicants over 70 are declined due to health conditions.
Is this calculator free?
Yes, completely free with no signup required. For actual quotes, contact New York Life, Northwestern Mutual, Mutual of Omaha, or Transamerica — they offer traditional LTC insurance. Hybrid life/LTC policies are also available from Lincoln Financial and Pacific Life.