How to Manage the Costs of Getting Older

Currently, around 1 million Americans live in some type of senior living facility. With advancements in health care and an increasing average lifespan, that number is predicted to more than double by the year 2030. And the costs can be steep. A monthly stay in a senior facility can run from $2,500 to upwards of $6,000. At prices like those, how will you — or your aging parents — afford old age? Here, we highlight three options — Medicare, long-term care insurance and reverse mortgages — that could fit into your overall financial plan.