A Georgetown University study finds that nursing homes costs are a significant financial risk elderly people face who are without long-term insurance or Medicaid.
CBS News
Nursing home costs can top over $70,000 per year.
The study used a data set from 2005 through 2010 across eight states and found that nursing home price growth consistently outpaced medical care prices.
"For someone who is not poor enough for Medicaid or who doesn't have long-term care insurance, this will be a huge financial burden," lead author of the study, Dr. Sean Huang said.