Source: CBS News
A new analysis by Georgetown University Medical Center found that the cost of nursing homes across the U.S. is on the rise, with some costing up to $300 per day, or upwards of $100,000 a year.
Some of the most expensive nursing homes were found to be in New York, while some of the more affordable options were in Texas.
This reality could be particularly devastating for those who don’t have savings for their retirement, and could cost one person upwards of $70,000 out-of-pocket, per year. This is according to data from 2005 to 2010.
“Most Americans are eligible for Medicare at 65, with the government program covering some routine and emergency health care, but not long-term care, such as that provided by nursing homes,” reports CBS.
The report notes that the majority of Americans over the age of 65 will need to use a nursing home at some point.
Read Full Story: CBS News