According to a study issued by Genworth Financial, nursing homes in the US have increased their costs by an average of 3.4%. This study was based on a survey of over 15,000 providers taken in the first three months of this year.

You won't find a nursing home in the Boston area charging that low a rate. Most facilities I deal with charge privately-paying residents around $120,000 to $140,000 per year for a shared room. With these kind of costs, it just makes sense to make plans for the cost of long-term care, even if you think you'll never need it.