While it may be too soon to tell whether it's a blip or a trend until more data follows, the increase does underscore how much people need to plan for their oldest and costliest years as they save for retirement.
"We will need to wait to see if this was a one-time aberration or part of a longer-term trend," Beth Mace, an economist and senior advisor at the National Investment Center for Seniors Housing & Care, told Yahoo Finance.
While it may be too soon to tell whether it's a blip or a trend until more data follows, the increase does underscore how much people need to plan for their oldest and costliest years as they"In general, the costs in health and medical expenses tend to rise faster than other sectors of the economy. This could very well be illustrative of that tendency," Edward A. Miller, chair of the department of gerontology at The University of Massachusetts Boston, told Yahoo Finance.
"The high cost of these services can translate to tens of thousands of dollars in out-of-pocket costs for people who need this care, many of whom end up having to spend down all of their savings to qualify for coverage through Medicaid," Juliette Cubanski, deputy director of the program on Medicare policy at the nonprofit Kaiser Family Foundation, told Yahoo Finance.
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