>The cost of receiving care in a nursing home can also present a significant burden. A private room in a nursing facility costs, on average, $7,698 per month. And Medicare, which covers the vast majority of Americans over 65, generally does not cover long-term nursing care.
>Many Americans do end up getting Medicaid to cover nursing home bills — but that often requires selling off significant assets and dwindling down savings in order to fall below the public program’s income requirements.
The costs are so high is because much of that money goes to subsidizing Medicare and Medicaid, hence the socialist aspect of having to downsize your assets to qualify.