From 1993 to 2018, the number of elderly in nursing homes will jump 64 percent while those in home care will increase by 42 percent, the institution projected. But costs can soar with 24-hour care. For Whitmore's parents, home care required aid from their grown daughter and three hired caretakers. For some, nothing is more cruel in this process than cashing in the family home. A house is the castle, the family cornerstone.
Nothing is more important to the vast majority of people.
False sense of security Few consider such catastrophic realities, let alone plan for them. Many mistakenly believe that Medicare, the nation's health program for the elderly, pays for long-term care. Except for extremely limited conditions, it does not. More than half of nursing home costs are paid by the aged and their families. One percent is covered by long-term care insurance, which is available but costly and unlikely to cover all of an individual's nursing home bills.