June is Alzheimer’s and Brain Awareness Month. It’s the perfect time to talk about the disease of Alzheimer’s, the effects on its victims and their loved ones, and the high costs associated with dementia during the final years.

Alzheimer’s disease is the most common form of dementia, aside from Parkinson’s disease, Lewy body dementia, vascular dementia and Huntington’s disease. Did you know that 1 in 3 seniors living in the United States die with this disease? According to the Alzheimer’s Association,  it is the 6th leading cause of death in the country.

A study by Annals of Internal Medicine determined the the average cost of care for the dementia patient was $287,038 over a five-year period – higher than other Medicare beneficiaries like a heart disease patient’s average cost of $175,136 or a cancer patient’s cost of $173,383.

The greater cost of care for dementia patients is because they require more “caregiving” and help with basic daily functions such as bathing, dressing, toileting, and eating. 

Caregiving is often taken on by a family member to avoid additional costs to the patient. This results in a financial cost to the family member who quits his or her job to take on this new caretaking role or reduces their hours.

Some families hire in-home caregivers. These in-home care providers cost about $20 per hour on average. A full-time caregiver at $20 per hour could cost a family up to $174,720 per year. Other options include adult day care, an assisted living facility with a dementia unit, and nursing home facilities. These options can cost anywhere from $17,904 for day care to $91,250 for a nursing home on average. As is no surprise, the long-term caregiving costs can add up quickly and be devastating to most middle class families.

Currently, there is no cure for Alzheimer’s, or any other type of dementia.  Treatments exist that may help slow the progression of the disease. Until such time that a cure or prevention is found, let’s bring this disease to the forefront of everyone’s mind so we can find a way to beat this disease once and for all. 

If you, or someone you know, suffers from dementia or loves someone who does, please contact us to discuss your options for planning for the costs associated with caregiving. We can help explore qualifying for government assistance benefits. Please think of us as a resource for your loved one with dementia. We can help. And, if we can’t, we probably know someone who can.