Long Term Care Costs Exceed Average Elderly Income

Nov. 3, 2011 - PRLog -- Although it is estimated that two out of five Americans will need long term care at some point in their lives, many cannot afford it, according to healthcare market research publisher Kalorama Information in its Long Term Care Markets report.  The report can be found at http://www.kaloramainformation.com/redirect.asp?progid=82596&productid=2578516.

   Residential nursing care is the most expensive, at more than $65,000 per year for a semi-private room in 2009, but assisted living can also be pricey, with annual costs exceeding $50,000 in many facilities, with better residences reaching $70,000.

Although home care is more affordable, at $20 per hour or less in many areas, individuals who require more extensive care can quickly incur charges of $1,500 or more per month. This contrasts with relatively low household incomes for elderly persons - the median household income for householders aged 65 and over was just $29,744 in 2008, with Social Security payments comprising a large portion. Kalorama finds this is comparative with a median household income of $56,791 for those under age 65.