UPDATED: Feb 25, 2020
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We partner with top insurance providers. This doesn't influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.
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, the 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.