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.

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