Elder care costs keep climbing; nursing home bill now $91K

Source: AP-Excite

By MATTHEW CRAFT

NEW YORK (AP) — The steep cost of caring for the elderly continues to climb. The median bill for a private room in a nursing home is now $91,250 a year, according to an industry survey out Thursday.

The annual "Cost of Care" report from Genworth Financial tracks the staggering rise in expenses for long-term care, a growing financial burden for families, governments and insurers like Genworth. The cost of staying in a nursing home has increased 4 percent every year over the last five years, the report says. Last year, the median bill was $87,600.

"Most people don't realize how expensive this care can be until a parent or family member needs it," said Joe Caldwell, director of long-term services at the National Council on Aging. "And then it's a real shock."

The annual report from Genworth, which sells policies to cover long-term care, looks at costs for a variety of services, including adult daycare, and home health aides. And nursing home bills are rising at the fastest pace, twice the rate of U.S. inflation over the last five years. One year in a nursing home now costs nearly as much as three years of tuition at a private college.

FULL story at link.



FILE - In this Feb. 28, 2013, file photo, Tina Reese leads a word game for residents at a nursing home in Lancaster, Pa. The cost of staying in a nursing home has increased 4 percent every year over the last five years, according to Genworth Financial's annual {201c}Cost of Care{201d} report, released Thursday, April 9, 2015. Last year, the median bill was $87,600. (AP Photo/Intelligencer Journal, Dan Marschka, File)

Read more: http://apnews.excite.com/article/20150409/us-cost-of-aging-7bbe0d4686.html

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I retired early last November for health reasons. I turned 58 in January. On average I'll be needing more care than Marta can provide in about 3 years.