nursing home Tag

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...

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Proper Medicaid Planning Is Essential for Long-Term Care

The National Institute on Aging reports that roughly 70 percent of American over the age of 65 will need some type of long-term care. If that isn’t shocking enough, the NIA reports that over 40 percent of Americans will need some type of nursing home care at some point in their life. You may be thinking, “What’s the big deal?” Well, considering the fact that the annual cost of long-term care at a nursing home is over $100,000 per year, the “big deal” is financial – the cost of care could quickly wipe out your savings leaving you with very...

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