Long-term Care Costs
A recent analysis indicates that Americans spent $119 billion on long-term care services for the elderly in 2009. Nursing home spending accounts for the majority of long-term care expenditures, but home and community based care expenditures have increased over the past 25 years.
In 2012, the average annual cost of nursing home care in the United States was $81,030 for a semi-private room. The average annual cost for assisted living was $42,600. Home health aides were paid on average $21 per hour, and homemaker services averaged about $20 per hour. The average cost of a nursing home for one year is more than the typical family has saved for retirement in a 401(k) or an IRA.
When the percentage of elderly individuals in the population rises to nearly 14% in 2040 as predicted, a huge strain will be put on caregivers' finances as well as continuing care retirement facilities and nursing homes because demand will increase dramatically.
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