A new study shows that 50% of Americans, ages 57-61 will spend at least one night in a nursing home in their lifetime, compared to previous studies that projected 35%. “Averaged over all persons, total out-of-pocket expenditures looking forward from age 57 were approximately $7,300, discounted at 3% per year,” RAND research shows. “However, the 95th percentile of spending was almost $47,000.”
Knowing the statistics associated can help individuals and their loved ones plan accordingly for healthcare costs. The study noting this information was based on 18 years of data. For more, read the story.