Key takeaways
- Long-term care costs vary widely by location and type of care: in-home care, assisted living, or nursing home.
- Medicare generally does not pay for ongoing custodial care, so planning for it is a separate decision.
- Use the calculator below to estimate costs in your area, then factor them into your retirement plan.
Long-term care costs can vary significantly depending on where you live and the type of care you need. Use the calculator below to explore estimated costs for in-home care, assisted living, nursing home care, and other long-term care services in your area.
Medicare generally does not cover ongoing custodial care, the day-to-day help with activities of daily living that many people eventually need. That makes long-term care a separate planning question, whether you plan to self-fund, use insurance, or rely on family support. (See How Does Medicare Work? for what Medicare does and does not cover.)
Long-term care cost calculator
CareScout’s guide to the cost of long-term care: learn more about care plans, cost of care trends, and insights.
Third-Party Calculator Disclaimer: This calculator is provided by an independent third party and is made available for informational and educational purposes only. IronFjord Wealth Management does not own, operate, control, review, or independently verify the calculator or the accuracy, completeness, or reliability of its data, assumptions, methodology, estimates, or results. Results are estimates only, may not reflect actual costs in your circumstances, and should not be relied upon as financial, tax, legal, insurance, or other professional advice. Use of this calculator does not create an advisory relationship or constitute a recommendation by IronFjord Wealth Management.
James is the founder of IronFjord Wealth Management, a flat-fee fiduciary firm focused on retirement planning, investment management, and tax planning. He works with pre-retirees and retirees to help them make thoughtful, coordinated decisions around their money with clarity and confidence.
More about JamesImportant information about this article
The content on this blog is provided for informational and educational purposes only. It doesn't constitute tax, financial, investment, or legal advice, and it shouldn't be relied upon as such. While we do our best to ensure accuracy and keep information current, no information on this blog should be assumed to be error-free. Tax laws, investment regulations, and financial planning rules change frequently, and this content reflects our understanding as of the date of publication and may not reflect subsequent changes or developments. Nothing you read here should be the basis for any financial or tax decision without first consulting a qualified professional who understands your complete financial situation, goals, and applicable state and federal laws. IronFjord Wealth Management has no knowledge of your individual circumstances and is not responsible for any actions taken based on the content of this blog. Reading this blog or engaging with IronFjord Wealth Management's content does not create an advisory relationship. Any discussion of investment strategies or tax planning approaches reflects general concepts and may not be appropriate for your situation. Where links to third party content are provided, they are for convenience only. IronFjord Wealth Management is not responsible for the accuracy, completeness, or reliability of any third party content. If you have questions about your specific circumstances, we'd encourage you to speak with a qualified financial advisor, tax professional, or attorney.
