HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Latest Breaking News (Forum) » Elder care costs keep cli...

Thu Apr 9, 2015, 10:49 PM

Elder care costs keep climbing; nursing home bill now $91K [View all]

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



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.

48 replies, 3672 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 48 replies Author Time Post
Reply Elder care costs keep climbing; nursing home bill now $91K [View all]
Omaha Steve Apr 2015 OP
yeoman6987 Apr 2015 #1
pnwmom Apr 2015 #6
yeoman6987 Apr 2015 #8
pnwmom Apr 2015 #9
yeoman6987 Apr 2015 #10
pnwmom Apr 2015 #12
notadmblnd Apr 2015 #27
yeoman6987 Apr 2015 #29
forthemiddle Apr 2015 #33
qwlauren35 Apr 2015 #42
haikugal Apr 2015 #13
pnwmom Apr 2015 #17
hibbing Apr 2015 #18
pnwmom Apr 2015 #19
Larry Engels Apr 2015 #43
Pharaoh Apr 2015 #2
yeoman6987 Apr 2015 #11
valerief Apr 2015 #28
former9thward Apr 2015 #36
qwlauren35 Apr 2015 #3
dhol82 Apr 2015 #4
forthemiddle Apr 2015 #34
dhol82 Apr 2015 #37
forthemiddle Apr 2015 #38
jwirr Apr 2015 #5
Omaha Steve Apr 2015 #15
jwirr Apr 2015 #24
enough Apr 2015 #22
RobinA Apr 2015 #23
jwirr Apr 2015 #26
RobinA Apr 2015 #40
jwirr Apr 2015 #46
RobinA Apr 2015 #48
jwirr Apr 2015 #25
No Vested Interest Apr 2015 #45
pnwmom Apr 2015 #7
Frances Apr 2015 #14
pnwmom Apr 2015 #16
No Vested Interest Apr 2015 #21
qwlauren35 Apr 2015 #44
Skittles Apr 2015 #20
dembotoz Apr 2015 #30
leftyladyfrommo Apr 2015 #31
Paper Roses Apr 2015 #35
Vinca Apr 2015 #47
One_Life_To_Give Apr 2015 #32
madville Apr 2015 #39
ProudProg2u Apr 2015 #41