A new study from the National Council on Aging (NCOA) and the LeadingAge LTSS Center at the UMass Boston has bad news. 80% of older Americans lack the financial resources to pay for two years of nursing home care. That is awful.
The national average cost for assisted living is around $4,500 per month according to the 2021 Cost of Care Survey from Genworth. They help older adults with financial planning.
Over 2,500 public state and federal benefit programs exist to boost older adults’ economic security. However, most are not utilized to their full extent. In 2020, an estimated $30 billion of public benefits went unused each year, per the National Council on Aging.
The cost of care must be reasonable or people will suffer needlessly.