Northwestern Mutual has launched the Long Term Care Cost Calculator, a new online tool that aims to help people better understand the financial impact of long-term individual care needs, the carrier announced in a press release on Monday.
The new calculator features a series of adjustable sliders that allow individuals to view various long-term care scenarios in real-time. The calculator is supported by data from the carrier's Cost of Care research, a study of nearly 7,000 home health care providers, assisted living facilities and nursing homes. The Long Term Care Group (Eden Prairie, Minn.) conducted the study for Northwestern Mutual in October and November 2008.
"It is clear that most people simply can't afford to pay for long-term care by drawing on their retirement nest eggs," Terence Holahan, leader of the research study at Northwestern Mutual, said in a press release. "Planning for long-term care is about protecting both your assets and your lifestyle when you are unable to care for yourself; this new calculator helps educate consumers about the potential cost of a long-term care event and how it can vary by age, location and length of time the care is needed."