How much?  Often that’s the first question asked when an inquiry calls.  Is that really the most important question?  Well, yes, except for those fortunate few for whom price makes no difference.  In the ballpark: $2,000 to $8,000 per month, depending on the type of facility and services needed.

 Some residences charge a flat monthly fee, which will include nearly everything, others charge for each and every ’service’ provided.  BE CAREFUL HERE when shopping around.  Ask lots of questions as to what is included AND ask for a list of services and fees in advance.  What may appear ‘reasonable’ may actually be double the quoted price depending on the needs of your relative.  A good non-commercial site about questions to ask and other great links is here http://www.helpguide.org/elder/assisted_living_facilities.htm#cost

Who pays?

 Long term care insurance is just now appearing on the horizon.  We have seen our first dozen or so residents use this to pay for their care, increasing at a rapid rate with each season.  But beware!  Not all insurance is comprehensive, so shop wisely if this is something you are considering.  Consumer Reports is a trusted site for good solid advice.  http://www.consumerreports.org/cro/personal-finance/longterm-care-insurance-1103/overview/index.htm

LTC insurance is the exception for now.  Usually the resident themselves pay, most commonly from savings, equity in the form of savings from a recently sold home, or relatives paying for their care.  Sometimes relatives become in control of assets to preserve and protect inheritances, or simply to manage funds for those in their care.

There is a whole lot written about protecting assets, and that isn’t what I can address with confidence, but will steer you in the direction of some experienced attorneys (on Long Island) we have dealt with over the years if you’re interested.  Again, be careful to make sure you’re getting good advice; find a specialist.