“Elder care costs keep climbing; nursing home bill now $91K”
by Matthew Craft, AP Business Writer, Published on Chron.com
April 10th, 2015
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.