This article was originally published on Jun 09, 2011 and has been carried over from our previous website. Some legal details, dollar figures, and program rules may have changed since then — please contact us for current guidance.
According to a study issued by Genworth Financial, nursing homes in the US have increased their costs by an average of 3.4%. This study was based on a survey of over 15,000 providers taken in the first three months of this year.
You won't find a nursing home in the Boston area charging that low a rate. Most facilities I deal with charge privately-paying residents around $120,000 to $140,000 per year for a shared room. With these kind of costs, it just makes sense to make plans for the cost of long-term care, even if you think you'll never need it.