Long-Term Care Insurance Calculator
Estimate your annual long-term care insurance premium based on your age, daily benefit amount, and benefit period.
This is an educational estimate only — actual quotes vary enormously by insurer, health class, state, and inflation protection riders. Get quotes from licensed insurance providers for exact pricing.
What is long-term care insurance?
Long-term care (LTC) insurance helps pay for extended care services — such as nursing home stays, assisted living, or in-home care — that aren't covered by regular health insurance or Medicare. These policies pay out a daily or monthly benefit amount, up to a chosen benefit period, once you need help with activities of daily living like bathing, dressing, or eating due to a chronic condition, injury, or cognitive decline. Because roughly 7 in 10 people turning 65 will need some form of long-term care in their lifetime, and a private room in a nursing home can cost well over $100,000 per year, LTC insurance is designed to protect retirement savings from being wiped out by care costs.
Why is age such a critical factor in pricing?
LTC insurance is almost always purchased in your 50s or 60s, because premiums rise sharply with age — insurers charge dramatically more for applicants in their 70s, both because the time until a likely claim shrinks and because the probability of needing care rises steeply with age. Waiting to buy a policy can also risk being declined altogether if a health condition develops, which is why financial advisors often recommend evaluating LTC coverage well before retirement.
How is the premium actually built?
Premiums scale with your chosen daily benefit amount (how much the policy pays per day of care) and your benefit period (how many years that daily benefit lasts, including "lifetime" or unlimited options for the highest cost). Sex is also a rating factor in most states since women statistically use long-term care benefits for longer than men, on average. This calculator uses illustrative baseline scaling factors to give you a directional estimate only — real premiums vary enormously by insurer, health underwriting, inflation protection riders, and state, so this is an educational estimate only. Speak with a licensed LTC insurance specialist for an accurate quote.
Frequently Asked Questions
What is the average cost of long-term care insurance?
A healthy 55-year-old buying a policy with a $150 daily benefit and a 3-year benefit period typically pays somewhere in the range of $1,500-$3,000 per year, though the exact price depends heavily on age, sex, benefit period, and health class. Use the calculator above for a personalized illustrative estimate.
Why does long-term care insurance get so much more expensive with age?
The probability of needing long-term care rises sharply after age 65, and insurers have less time to collect premiums before a likely claim, so rates increase dramatically for applicants in their 70s compared to their 50s. This is why most financial advisors recommend evaluating LTC coverage in your 50s or early 60s.
Why do women often pay more for long-term care insurance?
Women statistically live longer and use long-term care benefits for a longer average duration than men, so many insurers charge a higher premium for female applicants to reflect this greater expected claim cost, though some insurers now use unisex rating.
What is a benefit period in long-term care insurance?
The benefit period is how long your policy will pay out the daily benefit amount once you start a claim — common options are 2, 3, or 5 years, or an unlimited "lifetime" option. Longer benefit periods cost significantly more since they cover a much larger potential total payout.
Does Medicare cover long-term care?
Medicare generally only covers short-term skilled nursing or rehabilitation care after a hospital stay, not ongoing custodial care like help with bathing or dressing. This coverage gap is exactly what long-term care insurance is designed to fill.
What is a hybrid long-term care policy?
Hybrid policies combine life insurance or an annuity with long-term care benefits, so if you never need care, your beneficiaries still receive a death benefit or your cash value remains, rather than "losing" premiums paid into a standalone LTC policy.
When is the best time to buy long-term care insurance?
Most financial advisors suggest shopping for LTC insurance in your mid-50s to early 60s, when premiums are still relatively affordable and you're more likely to qualify medically, since insurers can decline coverage or charge much more once health conditions develop.
Is long-term care insurance worth it?
For many people with meaningful assets to protect, yes — a single year in a nursing home can cost well over $100,000, and LTC insurance can prevent that expense from depleting retirement savings. However, it's not right for everyone; those with very limited assets or very high net worth may find self-insuring or Medicaid planning makes more sense.