The right assisted living facility will be a combination of affordability, a service package that fits your needs, and a suitable location. In this installment, we will discuss the all-important need to find a facility that matches your budget.

The first thing you need to decide during your selection process is your budget for assisted living care. Typically Medicare does NOT cover long-term living options such as assisted living. As we discussed last week, there is a limited way to utilize the MI CHOICE program to access Medicaid funding. But for those who do not qualify for Medicaid, residents must pay for the cost of assisted living using their own money. The monthly cost of  varies greatly from one facility to the next and depending on the level of personal care service needed. Costs of assisted living can range from $2,000-$6,000 monthly. Usually this higher number pertains to the costs of Alzheimer's Care. Many residents will live in assisted living residences for the rest of their lives so proper financial planning must be devoted to setting aside a monthly budget available.

Fortunately, the cost of assisted living will replace some of the resident's current living costs, usually from a mortgage and real estate taxes. So, it is important to be able to re-budget all previous living costs and understand the new potential costs of assisted living. Since assisted living is usually a permanent solution to the declining health needs of the resident, most people moving to assisted living homes from independent living sell their homes. These days, though, that is not so easily accomplished. For those lucky enough to do so, they will use the proceeds from the sale of their previous home and other assets to help fund the assisted living costs.