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How to cut nursing home costs, according to experts

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Elderly Women Sitting in Nursing Home Window
Nursing home prices are soaring, but experts say there are some good ways to cut down on the costs of this type of care.

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Nursing home care costs are soaring. For a private room in a nursing home, the average person spends nearly $10,000 per month — and almost $120,000 annually — and those costs are only expected to increase in the coming years.

With the average nursing home costs at twice the average U.S. salary, that’s more than many seniors can comfortably pay. And for those who can, it can quickly deplete their retirement savings or the estate they plan to leave for their heirs.

Fortunately, there are a few strategies that may help reduce nursing home costs and help stretch those dollars further. 

Find out more about your long-term care policy options now.

How to cut nursing home costs, according to experts

If you need or want to cut down on the costs of nursing home care, here’s what experts say you can do.

Open a long-term care insurance policy

One option for reducing these types of costs is to take out a long-term care insurance policy. These types of policies can help cover the costs of nursing homes and other necessary long-term care services. They can be stand-alone policies or hybrids, which combine life insurance and long-term care coverage.

“The most common plans sold today cover nursing homes, assisted living, adult day care and home care,” says Mark Baron, owner of Baron Long-term Care Planning. 

You can buy long-term care insurance at nearly any age, but Baron says most people pull the trigger in their 50s. If you can buy earlier, though, it could make sense to do so. These policies require medical underwriting, so the healthier you are, the more affordable your premiums will typically be.

“Starting a policy earlier allows individuals to lock in lower premiums and ensure coverage, especially for those with a family history of chronic conditions or a higher risk of needing long-term care services,” says Logan DuBose, a physician and co-founder of Olera, an elder care support platform. 

Explore how affordable long-term care insurance can be here.

Consider a shared room

Another option is to share a room in the nursing home, rather than choosing a private room. According to a study by Genworth Insurance, opting for a semi-private room in a nursing home can save you about $1,064 per month and $12,768 annually compared to a private room.

“Costs are lower,” says Neal Shah, founder of CareYaya, a platform that connects seniors with caregivers in their area. “Plus, companionship can boost well-being.”

And, it’s true: Studies show that living with a roommate can lead to better sleep, less anxiety, and even healthier eating. 

Look at nursing home alternatives and community programs

You can also look to alternative care solutions. Having a family member manage your care can be ideal in certain cases, but if that’s not possible, look to community groups that can lend a hand.

“Take advantage of community organizations, religious groups and local agencies that offer support services for seniors and caregivers at reduced or no cost,” DuBose says. “The best place to start is at your local Area Agency on Aging, which is a group specializing in resources for individuals needing senior care.”

Hiring an in-home caregiver may also be an option. Genworth’s data shows these cost anywhere from $5,720 to $6,292 per month — reducing your potential costs by thousands of dollars. Assisted living facilities may also be an option and run, on average, from just over $2,000 to $5,350 per month. 

Leverage Medicaid

For those with low incomes, Medicaid can help defray the costs of nursing home care. And if you make too much for Medicaid, you may be able to qualify using the “spend down” method, which requires you to use a certain amount of your assets each year toward medical expenses. 

“if a nursing home is inevitable, then consider whether your loved one will qualify for Medicaid or will be private pay will be critical,” says Chris Plance, a healthcare consultant at PA Consulting. “Qualifying for Medicaid is based on having an income and asset level below the poverty line — which for many families will involve a very specific spend-down process to qualify.”

If you think you may exceed the Medicaid threshold, talk to a financial professional about what your spend-down strategy would look like. They can help you plan for those costs well ahead of time and ensure your eligibility. 

The bottom line

With nursing home care costs on the rise, it’s never too early to start planning for your long-term care needs. If you’re not sure where to start, talk to an insurance agent about your options. They can walk you through the costs of a potential long-term care insurance policy or hybrid life insurance policy that can help. You should also shop around for your long-term care insurance company to ensure you’re getting the best coverage and rate possible. 



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American and U.K. climbers rescued after 2 days stranded on Himalayan mountains in India

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An American climber was rescued after she and another alpinist from the U.K. were stranded for two days at more than 20,000 feet in the Himalayan mountains.

Michelle Dvorak, 31, and Fay Manners, 37, went missing on Thursday after their equipment and food tumbled down a ravine while trekking up India’s Chaukhamba mountain, CBS News partner BBC reported.

The pair sent an emergency message but search and rescue teams were unable to find them.

Rescued British and U.S. climbers pose for a photo with rescuers in Joshimath, Uttarakhand
Rescued British and U.S. climbers pose for a photo with rescuers in Joshimath, Uttarakhand, India on October 6, 2024.

INDIAN AIR FORCE/Handout via REUTERS


Manners told the BBC they were “terrified” as they tried to make part of the descent down the treacherous mountains without supplies.

“I watched the bag tumble down the mountain and I immediately knew the consequence of what was to come,” she said. “We had none of our safety equipment left. No tent. No stove to melt snow for water. No warm clothes for the evening.”

The terrifying ordeal intensified when it started to snow. They took cover on a ledge while waiting for rescuers.

“I felt hypothermic, constantly shaking and with the lack of food my body was running out of energy to keep warm,” Manners said.

The rescue was made difficult because of the conditions, including bad weather, fog and high altitude.

“The helicopter flew passed again, couldn’t see us. We were destroyed,” Manners told the BBC.

British and U.S. climbers are rescued at the location given as Uttarakhand
British and U.S. climbers are rescued at the location given as Uttarakhand, India on October 6, 2024.

INDIAN AIR FORCE/Handout via REUTERS


On the second day, the pair began to cautiously abseil down the mountain. They spotted a team of French climbers coming toward them. Manners said they shared their equipment and food and contacted the helicopter company with an exact location.

“I cried with relief knowing we might survive,” she said.

The Indian Air Force said in a post on the X social media platform that their helicopter airlifted the climbers from 17,400 feet after “battling two days of bad weather.”

Chaukhamba is a mountain massif in the Garhwal Himalaya in northern India.



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Biden sends more troops to North Carolina for continued Hurricane Helene response

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President Biden approved the mobilization of another 500 active-duty troops to North Carolina to assist in the recovery efforts after the deadly and devastating Hurricane Helene.

“With a total of 1,500 troops now supplementing a robust on-the-ground effort – including more than 6,100 National Guardsmen and more than 7,000 Federal personnel – the Biden-Harris Administration is mobilizing all relevant resources to support families as they begin their road to rebuilding,” the White House said in a statement Sunday.

Mr. Biden previously announced that the federal government would cover “100%” of costs for debris removal and emergency protective measures in North Carolina for six months. The Biden administration has also released more than $137 million in federal funds – including $100 million in transportation funds for North Carolina to begin rebuilding damaged roads and bridges.

Hurricane Helene
Businesses are seen in a debris field in the aftermath of Hurricane Helene, Wednesday, Oct. 2, 2024, in Chimney Rock Village, N.C.

Mike Stewart / AP


More than 800 people unable to return home are staying in lodging provided through FEMA, and 22 shelters are still housing nearly 1,000 people as mobile feeding operations continue to help survivors.

“My Administration is sparing no resource to support families as they begin their road to rebuilding,” Biden said. “We will continue working hand-in-hand with local and state leaders – regardless of political party and no matter how long it takes.”

Earlier Sunday, North Carolina Sen. Thom Tills called for more resources to bolster the relief effort and likened the damage to Hurricane Katrina’s mark on Louisiana in 2005.

“The scope of this storm is more like Katrina,” he told CBS News’ Margaret Brennan on “Face the Nation with Margaret Brennan”. “It may look like a flood to the outside observer, but again, this is a landmass roughly the size of the state of Massachusetts, with damage distributed throughout. We have to get maximum resources on the ground immediately to finish rescue operations.”


Telecom providers operate emergency communications after Hurricane Helene

04:04

Mr. Biden, Vice President Kamala Harris and former President Donald Trump have all traveled to some of the impacted regions.

Hurricane Helene caused catastrophic damage from Florida into the Appalachian mountains and killed more than 225 people across multiple states. That number includes 114 killed in North Carolina alone.

The White House said Mr. Biden has also been briefed on Hurricane Milton, which is forecast to make landfall in Florida’s Tampa Bay area as a major storm on Wednesday.

U.S. disaster relief chief blasts false claims about Helene response

Deanne Criswell, who leads the Federal Emergency Management Agency, said on Sunday that the recent false claims and conspiracy theories about the federal response to the storm are “demoralizing” aid workers.

“It’s frankly ridiculous, and just plain false. This kind of rhetoric is not helpful to people,” she said. “It’s really a shame that we’re putting politics ahead of helping people, and that’s what we’re here to do. We have had the complete support of the state,” she said, referring to North Carolina.

Georgia Continues Recovery Efforts In Aftermath Of Hurricane Helene
A ‘We Need Power’ sign is seen as people deal with the aftermath of Hurricane Helene on October 05, 2024, in Greenwood, South Carolina.

Joe Raedle/ Getty Images


Republicans, led by Trump, have helped foster a frenzy of misinformation over the past week among the communities most devastated by Helene, promoting a number of false claims, including that Washington is intentionally withholding aid to people in Republican areas.

Trump accused FEMA of spending all its money to help immigrants who are in the United States illegally, while other critics assert that the government spends too much on Israel, Ukraine and other foreign countries.

Tillis, a Republican, on Sunday rejected that claim, telling “Face the Nation with Margaret Brennan” that resources being used on immigration is “not yet … affecting the flow of resources to western North Carolina.”

Tillis said the stream of misinformation about relief efforts in North Carolina is a “distraction.”

“I believe that we have to stay focused on rescue operations, recovery operations, clearing operations, and we don’t need any of these distractions on the ground,” Tillis said. “It’s at the expense of hard-working first responders and people that are just trying to recover their lives.”

Mr. Biden said in a statement Sunday that his administration “will continue working hand-in-hand with local and state leaders –- regardless of political party and no matter how long it takes.”



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Rep. Mike Turner says all “candidates need to deescalate” after Trump assassination attempts

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Rep. Mike Turner says all “candidates need to deescalate” after Trump assassination attempts – CBS News


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House Intelligence Committee chairman Rep. Mike Turner tells “Face the Nation with Margaret Brennan” that in the wake of the assassination attempts on former President Donald Trump “all the candidates need to deescalate, especially in their language.” But when asked if there’s anything to imply Eric Trump’s allegation that Democrats are “trying to kill” Trump is true, Turner said “of course not.”

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