Costs are soaring for elder care

For the two-thirds of Americans over 65 who are expected to need some long-term care, the costs are increasingly beyond reach. The median bill for a private room in a U.S. nursing home now runs $91,000 a year, according to a report from the insurer Genworth Financial. One year of visits from home-health aides runs $45,760.

Medicare doesn’t cover long-term stays, so a large number of elderly people wind up on the government’s health-insurance program for the poor, Medicaid. But, the middle class has too much money to apply for Medicaid but not enough to cover the typical three years of care.

To read the entire Seattle Times article, visit this link: http://www.seattletimes.com/business/families-face-tough-decisions-as-costs-soar-for-elder-care/

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