Are you in the process of researching assisted living facilities for a loved one? If so, then there's a good chance that he or she is having a hard time taking care of him or herself without assistance. One of the most common concerns people tend to have about assisted living is that of finances; how will you or your loved one pay for assisted living and how much is it going to cost?

Factors Affecting Cost

Understand that there are numerous factors that can impact the cost of assisted living. One of the main influencing factors will be whether or not your loved one needs memory care, which is recommended for those who have Alzheimer's, dementia, or a similar condition that affects memory. Because memory care provides more specialized treatment, it tends to be more expensive.

Another factor that will influence the cost of assisted living for your loved one is where he or she is placed. Options can vary from a small room shared with another resident, to a standard apartment, to a more private cottage with luxurious amenities, so you'll need to consider what's appropriate for your loved one and budget.

Other Considerations

If you're on a tight budget when it comes to paying for assisted living, you might think that hiring a caregiver to stay with your loved one in his or her own home might make more sense. However, that will depend on how many hours per day your loved one needs dedicated care. If he or she needs assistance around-the-clock, then it will actually most likely be cheaper to move him or her into an assisted living facility rather than to pay a caregiver an hourly rate, 24 hours per day. After all, most assisted living facilities charge a flat fee per-day.

Payment Options

Not sure how to pay for assisted living? There are numerous viable options. For starters, if your loved one owns a home, you may consider speaking to him or her about the possibility of selling it to help pay for care costs. Furthermore, ask your loved one if he or she has a long-term care insurance policy; if so, there's a good chance that assisted living could already be covered. Veterans may also have coverage for assisted living from their VA benefits.

If all else fails, some assisted living facilities also offer sliding scale payment options, where you or your loved one will pay based on income. If you're looking for a local assisted living center, visit Heritage Commons.