Long-term care is one of the largest uninsured risks in retirement. Enter today's local monthly cost, an inflation rate, and your timeline to project the total future cost.
Sample input: Monthly care cost today ($): 8000, Expected years of care: 3, Care cost inflation (%): 4, Years until care is needed: 20
Projected long-term-care cost: 631043 (A major financial risk)
At $8,000/month today, growing 4% a year, care starting in 20 years would cost about $17,529/month — roughly $631,043 over 3 years. Medicare does not cover long-term custodial care, so plan with savings, insurance, or both.
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Generally no. Medicare covers short-term skilled nursing or rehabilitation, but not ongoing long-term custodial care (help with daily activities like bathing and dressing), which is the most common and expensive need. Check medicare.gov for what is and is not covered.
Costs vary widely by region and care type — home care, assisted living, and nursing homes differ substantially. For current local figures, see the Genworth Cost of Care Survey, which surveys costs nationwide each year. Enter your local monthly figure above.
Medicaid can pay for long-term care, but only after you spend down most of your assets to qualify, and it has strict income and asset limits. Many people use savings or insurance first to preserve choice and assets before Medicaid becomes the payer.
Options include dedicated savings, traditional long-term-care insurance, hybrid life-or-annuity policies with an LTC rider, and family caregiving plans. Because costs compound with inflation, starting earlier makes any strategy more affordable.