Families Face Tough Decisions as Cost of Elder Care Soars
Orig Post usatoday.com | Re-Post CareProdx 5/26/2916 -
NEW YORK (AP) — Doris Ranzman had followed the expert advice, planning ahead in case she wound up unable to care for herself one day. But when a nursing-home bill tops $14,000 a month, the best-laid plans get tossed aside.
Even with insurance and her Social Security check, Ranzman still had to come up with around $4,000 every month to cover her care in the Amsterdam Nursing Home in Manhattan. "An awful situation," said her daughter, Sharon Goldblum.
Like others faced with the stunning cost of elderly care in the U.S., Goldblum did the math and realized that her mother could easily outlive her savings. So she pulled her out of the home.
For the two-thirds of Americans over 65 who are expected to need some long-term care, the costs are increasingly beyond reach. The cost of staying in a nursing home has climbed at twice the rate of overall inflation over the last five years, according to the insurer Genworth Financial. One year in a private room now runs a median $91,000 a year, while one year of visits from home-health aides runs $45,760.
Recent Posts
-
Choosing a Rolling Shower Chair for Your Parents
If your aging parents require assistance with bathing it's worth considering investing in a rolling …22nd Feb 2024 -
WaterStopper Stops Wet Floors
Bestbath showers are manufactured to exact specifications to ensure safety and to ensure that the wa …22nd Feb 2024 -
How to Determine Preferred Shower Chair Seat Height
One of the comments we hear on a regular basis is, "I don't know what seat height I need". And …18th Feb 2024