Caring for a loved one with Alzheimer’s disease takes a toll on the family caregiver, not only emotionally and physically, but financially as well. With over 5 million Americans living with the disease, the “costs of care” are having a profound financial impact on many families in the U.S. The 2016 Facts & Figures report by the Alzheimer’s Association highlights the monetary hardships facing these family caregivers.
According to the report, family caregivers spend over $5,000 annually on care. For some, this means they have to sell personal items to cover their bills; for others, it means forgoing their own medical appointments and even groceries. At the same time these families are dealing with the costs of caring for their suffering loved one, many caregivers are forced to cut back their hours at work, which further exacerbates the financial hardship. The report shows that on average, over $15,000 annually is being lost due to caregivers’ reduction in working hours or having to leave their job altogether to provide care.
Just this year alone, the cost of Alzheimer’s care in the U.S. is expected to reach $236 billion (2016 Facts & Figures, Alzheimer’s Association)—with Medicare paying for just under half of this amount. With the number of Americans living with Alzheimer’s disease expected to nearly triple by 2050, there is plenty of work to be done, including increased planning and educational support for those suffering from the disease and their families, to help ease the financial burden of care.
Visit Alzheimer’s Association’s website, www.alz.org, for the full report.
- Making Strides of Charleston - October 22, 2021
- Watching out for Scammers - May 5, 2021
- Sleep and Tiredness - April 13, 2021
