News Report | May 10, 2023
As Many As 80% Of Older Adults May Be Unable To Afford 4 Years Of Assisted Living
Up to 80% of older adults (about 47 million individuals aged 60 and older) have modest assets and may be unable to afford four years in an assisted living community, based on responses to the Health and Retirement Study. In 2018, assisted living had a median annual cost of $56,700. Additionally, 60% of older adults are unable to afford just two years of in-home long-term services and supports (LTSS), at an average yearly cost of $37,440 in 2019. That year, the average yearly cost of a private room in a nursing home was $105,485.
LTSS . . .