From CBS: For More Info, Go Here…
- The cost of nursing homes in the U.S. can easily top $70,000 a year and has risen even faster than that of overall medical care in some states, a Georgetown University Medical Center study found.
- New York nursing homes were the most expensive, averaging more than $300 a day, while Texas had the most affordable facilities.
Nursing home costs can cost upwards of $100,000 a year, a heavy financial burden even for Americans who have set money aside for their later years — and a crushing one for those who haven’t. And those costs are rising, even outstripping the rising cost of health care in the U.S.
“What is already expensive is only getting more so,” said Dr. Sean Huang, lead author of a study by researchers at the Georgetown University Medical Center.
The cost of nursing home care is a particular risk for people without long-term care insurance or Medicaid coverage, Huang said, noting the number of Americans who are already short on retirement savings. Annual out-of-pocket expenditures can easily exceed $70,000, found the analysis of prices from 2005 through 2010 across eight U.S. states.
“For someone who is not poor enough for Medicaid or who doesn’t have long-term care insurance, this will be a huge financial burden,” Huang told CBS MoneyWatch.