Planning for Eldercare? Understand the True Financial Burden of Nursing Homes
The average cost of a private room in a US nursing home hit $108,405 per year in 2024. That's $297 per day, every day, for basic care.
Most Americans grossly underestimate this expense. A 2023 Genworth survey found people guess nursing home costs at around $60,000 annually. They're off by nearly $50,000.
Medicare covers almost nothing for long-term nursing home stays. After 100 days of qualifying care, you're on your own. Medicaid kicks in only after you've spent down most assets to $2,000 in most states. 
