According to a recent report by Caring.com, 42% of families caring for their loved ones with Alzheimer’s and other variants of dementia spend $20,000 plus a year on caregiving. The expenses include out-of-pocket costs for assisted living, professional home caregivers, medicine and medical bills, transportation and more.
Over half (62%) of family caretakers are paying for all of the costs associated with Alzheimer’s out of their pockets. The report discovered other common means to pay: %51 used their loved one’s savings, 42% used their loved one’s health plan, 33% used government benefits, 16% used a credit card, and 10% used long-term care insurance.
Caring.com CEO Andy Cohen said, “More than 5 million Americans are living with Alzheimer’s, and that number is expected to triple as the population continues to age. The majority of family caregivers care for a loved one with Alzheimer’s for at least a few years, with some even extending over a decade. For nearly half of caregivers, caring for Alzheimer’s could cost up to $100,000 or more over just five years.”
While families see a staggering dent in their finances due to care, many of their personal relationships are impacted as well. Almost all family caregivers, 97%, admitted that caring for their loved ones has troubled or ended their friendships and marriages. Fifty-five percent said their own physical health declined, and 56% had to quit their job or claim that the caregiving has taken a toll on their careers.
Other findings include:
- Women make up the majority of caregivers for loved ones with Alzheimer’s and other dementia.
- Over 25% of families spend $1,000 to $4,999 a year on medication alone.
- 25% of families spend more than 40 hours a week on caregiving tasks.
Although researchers don’t have all the answers concerning dementia, there are things we can do to take of our minds and bodies. Check out this read on fruits that nourish your brain!