Menu
Share
Share this story
Close X
 
Switch to Desktop Site

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.

About these ads

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


Follow Stories Like This
Get the Monitor stories you care about delivered to your inbox.