The national average cost of care for nursing homes, assisted living facilities, and home care has steadily increased over the past four years, according to results of the 2007 Cost of Care Survey conducted by Genworth Financial, parent company of Genworth Life Insurance Company. The company surveyed over 11,000 long term care facilities and providers. According to the survey, the average cost of one year in a private nursing home is $74,806.
A separate national poll found that 75 percent of Americans have no long term care plans in place and 59 percent are concerned about their ability to pay the increasing costs of long term care. These findings help demonstrate the importance of a complete financial plan, to include a long term care insurance policy.
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