Sun Devil 92
Diamond Member
- Apr 2, 2015
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- #41
NEW YORK (AP) -- The steep cost of caring for the elderly continues to climb. The median bill for a private room in a nursing home is now $91,250 a year, according to an industry survey out Thursday.
The annual "Cost of Care" report from Genworth Financial tracks the staggering rise in expenses for long-term care, a growing financial burden for families, governments and insurers like Genworth. The cost of staying in a nursing home has increased 4 percent every year over the last five years, the report says. Last year, the median bill was $87,600.
"Most people don't realize how expensive this care can be until a parent or family member needs it," said Joe Caldwell, director of long-term services at the National Council on Aging. "And then it's a real shock."
...One year in a nursing home now costs nearly as much as three years of tuition at a private college.
Elder care costs keep climbing nursing home bill now 91K - Yahoo Finance
I wonder how many of these are offering lobster etc. on a daily basis? I wonder how many of these places have well trained and well paid staff?
I wonder who owns these facilities, what income they provide to the ownership and how much is really spent on medical treatments/care? I also wonder about the education and background of those employed on a daily basis.
I would guess there is a range of quality that is pretty broad.
My limited experience is that the background of those who work in these facilities is that more that 50% of them (talking aids and orderlies) are imported from Mexico or the Caribbean.