Getting old costs a fortune

The costs of long-term care for the elderly are enormous

The cost of long-term care for the elderly is increasing across the country, and California is no exception, a survey by Genworth Financial finds.

The survey polled about 15,000 nursing homes and assisted living facilities nationwide, concluding that the median cost of one year in a nursing home has increased by an average of 4 percent annually over the past five years, according California Healthline. The median cost is currently $91,250, compared to $87,600 just last year. (More than half of the country’s long-term care costs are covered by Medicaid.)

In California, the cost has grown by an average of 3.5 percent over the past five years to $104,025 in 2015.