Independent and Assisted Living: Financial concerns and affordability

With the average cost for independent living being between $1,500 and $6,000* and the average cost for assisted living being between $1,000 - $5,000* a month, affordabiity of such living is a major concern of the elderly and their family members.

Some individuals use a long-term care insurance policy or certain state benefits to help pay for the high cost of independent or assisted living arrangements, while others need to be more creative, such as selling a family home or having the children join together to finance it.

How about you? Have you or your family been faced with figuring out how to afford independent or assisted living? How did or do you plan on affording it? Do you think the cost is appropriate or that there should be federal governmental assistance to help finance such expenses?