Costs for elder care continue to grow

The costs of caring for seniors is straining many Americans' bank accounts as more parents of baby boomers go to nursing and assisted-living homes.

Sandra Timmerman, director of the MetLife Mature Market Institute, says the projected cost for a person in a nursing home is $55,000 a year, with the average stay lasting between 1 and 2 years.

For elderly people who need some help, but not round-the-clock care, there's assisted living. This option - costs run from $1,000 to more than $3,000 per month - is also booming. Recent estimates suggest more than 600,000 people are living in 2,500 to 3,000 assisted-living facilities across the US.

(c) Copyright 2000. The Christian Science Publishing Society

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK