In 2010 the average cost of a private room in a nursing home in the United States was $6,965 per month or $83,580 annually. Over 40% of those who live past the age of 65 will need nursing home care, a percentage that does not include those who will require additional assistance if they wish to stay in their own homes. Neither Medicare nor most health insurance plans covers long-term care.

The likelihood that you or a loved one will need long-term care, combined with the cost of such arrangements, suggest that you start the conversation now, with a family member, attorney or insurance agent. There are planning options available regardless of age and circumstances.