[Skip to Content]

Long Term Care Calculator (Australian)

Get a Long Term Care Calculator (Australian) branded for your website! Colorful, interactive, simply The Best Financial Calculators!
Long term care is needed by those who can't perform the basic tasks required to take care of themselves. This can include people suffering from a debilitating illness or chronic injury. The need for long term care can arise unexpectedly, often creating a large financial burden. This calculator can help you determine if you are financially prepared for this impending expense.

Long Term Care Calculator (Australian) Definitions

Estimated daily cost
This is your current estimated cost of long-term care. This is your current estimated cost of long-term care. According to the Genworth Financial 2020 Cost of Care Survey, the estimated median annual cost for a nursing home stay was $93,075 per year for a semi-private room. This is about $255 per day. The cost for a private room was $105,850 or $290 per day. Assisted living at home can cost more than $54,912 per year or $150 per day 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
This is 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). From 1925 through 2021 the CPI has a long-term average of 2.9% annually. Over the last 40 years the highest CPI recorded was 13.5% in 1980. For 2021, the last full year available, the CPI was 6.8% annually as reported by the U.S. Bureau of Labor Statistics. The tool 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.