Concerned About Costly Nursing Homes? “Granny Pods” May Be an Option to Consider

The median annual cost of a private nursing home is over roughly $84,000 per year, according to CNN.com. A 2013 survey by Genworth revealed that the cost of private nursing home care spiked 24 percent in a five-year period (2008 to 2013). Given the exorbitant cost of nursing home care, many people are struggling to figure out what to do with an elderly loved one who is living alone, and shouldn’t be at that stage of their life. Some people may be thinking, “Well, what about a semi-private nursing home where your loved one shares a room?” Unfortunately, this arrangement is...