Long-term care financing

Paper person under an umbrella with Long Term Care Coverage text -- elder care insurance concept
There is little dispute that the cost of long-term services and supports (LTSS) is daunting. The typical cost for care in a nursing home is about $91,250 a year, and the average annual base price for assisted living is $43,200. Few people can accumulate sufficient savings, even over a lifetime , to cover the costs. Most people rely on their families and friends for the bulk of their LTSS needs. Yet, family caregivers cannot do it all, and in the future, there will be fewer potential family members on whom an aging population can rely for everyday help.
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