1.3 million elderly Americans live in nursing homes. 70 percent rely on Medicaid to pay bills that average $83,000 a year.
No doubt most people would prefer to avoid living in a nursing home. But the fact is that many elderly Americans get to a point where they need long-term continuous care.
About 1.3 million American seniors now live in nursing homes. 70 percent of them rely on Medicaid to pay the bill, which means they are low-income or have otherwise spent down their assets. The average cost of a nursing home private room tops $83,000 a year.
With nursing home costs rising about 4 percent a year and 10,000 baby boomers turning 65 every day, it is clear the future costs to Medicaid will rise significantly.
Check out our animated infographic for more on nursing home care and the elderly. Be sure to click around and see all its components. See “What Do Others Say? for more perspective, then add to the discussion below. Are there any good alternatives to expensive nursing home care?