Last week, a Tip reader asked me what I considered “enough” daily benefit for the cost of long term care (LTC) insurance.
There are actually quite a few websites that offer insight into the cost of long term care. AARP is one that has an easy to use LTC calculator.
Entering in Wisconsin and the cost for nursing home (private room) care, it shows $107,274 for year one ($294/day) and $139,968 for year 10 ($383/day). While the average stay in a nursing home is about three years, at least this gives you an idea of how costs might inflate over the next 10 years.
If you’re interested, the calculator is at this link. You can also check out the cost for assisted living, home health care and other services.