Long Term Care Costs for the Elderly (and editorial)
I'm sure many of you will agree with parts of this editorial in today's New York Times. The author states that while Medicare will pay for surgery, tests, hospital stays, ER visits, etc. for the elderly, Medicare does not pay for what the elderly truly need -- "long-term care in a supervised, safe place for frail or demented old people, or for home aides to help with shopping, transportation, bathing and using the toilet."
The main reason I'm circulating this article is for the data about the cost of care for the elderly:
* "Nationwide, the median annual cost of a nursing home in 2010 was $75,000; room and board in an assisted living facility, with no additional help, was $37,500; and the most basic category of home health aide, who can perform no medical tasks, like the dispensing of medication, was $19 an hour."
* "A recent state-by-state study of long-term care, the first of its kind, by a consortium of researchers, has found that this kind of essential help costs anywhere from 166 percent to 393 percent of the average annual income of Americaâs elderly."
* "By now, you may be wondering if your parents have a half million dollars for old age. Or if you or your children do."
* "70 percent of the elderly will need extended care before they die."
Here's a link to the article.
Robinhttp://www.nytimes.com/2011/10/16/opini ... derly.html
New York Times
Published: October 15, 2011
How Medicare Fails the Elderly
By Jane Gross