Study: Seniors Spend About $40,000 on Medical Care in Final Years
How much can you expect to spend on medical care toward the end of life? About $40,000 on average, according to a study by Amy Kelley, a professor at Mt. Sinai School of Medicine. That’s out-of-pocket spending—not what Medicare covers.
The Washington Post reports:
The average Medicare beneficiary spent $38,688 out-of-pocket during the last five years of life. …
When Kelley broken down the costs by type of disease, she found that dementia patients tended to have the highest costs. That probably has to do with the fact, as she points out, that Medicare does not cover non-rehabilitative nursing home care.
Forty-three percent of seniors used up all their assets except their house, the article says.
To see a few of the ways people pay for senior care, click here.
Leigh Ann Otte is a freelance writer who specializes in health and aging issues. She covers finding and paying for senior care for OurParents. If you have any questions about this post or need help finding senior-care options for a loved one, call 1-866-483-4896 to speak with a care advisor in your area.