The cost of long-term care in America has grown — here's how you can prepare

Nursing homes aren’t popular in America. In fact, 70% of respondents to a West Health and Gallup poll in 2023 said they’d be uncomfortable ever being admitted to one and 61% reported they’d be uncomfortable putting a family member into such a facility.

Instead of going to a care facility, remaining at home is the ultimate goal for many aging Americans and their loved ones. But even if they’re able to avoid admittance to an institution, some may need care at home. And a report shows the cost of long-term care services have risen.

Care costs have grown

According to the Genworth’s Cost of Care Survey 2023, the cost of long-term care services increased across all provider types since the previous year’s edition. Increases in key services include:

• Assisted living facilities: Rates increased 1.4% from 2022, up to a median $64,200 per year
• Home health aide: Includes “hands-on” assistance, such as bathing and dressing, up 10% to a median $75,500 per year
• Homemaker services: For “hands-off” tasks, such as cooking and cleaning, up 7.1% to a median $68,600 per year
• Skilled nursing facility: Cost of a semi-private room up 4.4% to a median $104,000 per year
• Nursing home: Cost of a private room up 4.9% to $116,800 per year

Survey participants reported inflation and a shortage of skilled workers as the top drivers of cost.