Costs for elder care continue to grow

The costs of caring for seniors is straining many Americans' bank accounts as more parents of baby boomers go to nursing and assisted-living homes.

Sandra Timmerman, director of the MetLife Mature Market Institute, says the projected cost for a person in a nursing home is $55,000 a year, with the average stay lasting between 1 and 2 years.

For elderly people who need some help, but not round-the-clock care, there's assisted living. This option - costs run from $1,000 to more than $3,000 per month - is also booming. Recent estimates suggest more than 600,000 people are living in 2,500 to 3,000 assisted-living facilities across the US.

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