The cost of long-term care is mind-numbing. According to the recent 2017 Genworth Cost of Care Report, the median annual cost of a private room in a nursing home is $97,455 (up 50 percent since 2004. Hiring a home health aide runs about $49,000 a year. You may be wondering whether Medicare or Medicaid will help cover the bills if you or a loved one will need this kind of care.
The reality is that it’s complicated. No wonder that two-thirds of Americans Genworth surveyed were confused about federal coverage of long-term care costs. But the topic is a vital one: 70 percent of people 65 and older will need some kind of long-term care eventually.
So send us the questions you have regarding Medicare, Medicaid and long-term care costs (you can do so below). We’ll read all the questions we receive and then, in an upcoming article, answer the most popular concerns. Thanks.
Next Avenue Editors Also Recommend:
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- Could You Be Forced to Pay Mom’s Nursing Home Bill?
- Find Out Qualifications for Medicaid Benefits
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