I would say that is an accurate number. You would be surprised at the number of people that do not have the money you think. Some do have it, but most don’t. For example, I work in a nursing home. Out of the 60 residents here, only about 10 are private pay, which means they do not qualify for Medicaid to cover their stay. A majority are on Medicaid. You have to be pretty poor to qualify and be covered by Medicaid.
That is if they do not have Medicare Part A or a Managed Care service (Humana, Managed WellCare, etc.) to cover their first 100 days (up to 100 days, depending on progress with therapy). After that, it’s on you or Medicaid to cover your stay. A very large majority have to rely on Medicaid because they do not have any money, and it is like that at basically all nursing homes.