What are the options for covering long-term care?

Nursing homes are expensive, but there are smart ways to start saving

Young male care worker helping elderly woman off bed in a nursing home
Many seniors worry that if they live too long, they won't have enough money to cover their expenses
(Image credit: 10'000 / Getty Images)

The good news: We are living longer. The not-so-good news: That often means increased long-term care costs, as expenses stretch out over more and more years.

In fact, said The Washington Post's Michelle Singletary in a recent column, many seniors now "seem less afraid of dying than of living so long that they'll eventually need help with basic activities, such as preparing meals, bathing and dressing." That is mainly because "they worry they won't have enough money to cover this expense." And it is far from an unreasonable concern, as according to Genworth's 2023 Cost of Care Survey, the average annual cost for a private room in a nursing home is $116,800," said Kiplinger.

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Becca Stanek, The Week US

Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She previously served as a deputy editor and later a managing editor overseeing investing and savings content at LendingTree and as an editor at the financial startup SmartAsset, where she focused on retirement- and financial-adviser-related content. Before that, Becca was a staff writer at The Week, primarily contributing to Speed Reads.