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Published on: November 22, 2014
by Health Central:
According to a new report by Caring.com, almost one out of four people caring for a loved one with Alzheimer’s disease say the financial demands of doing so have driven them into debt.
The survey also found that 42 percent of family members who care for a relative with either Alzheimer’s or dementia spend at least $20,000 a year on caregiving, including out-of-pocket costs for assisted living, professional in-home caregivers, medications and medical bills, incontinence products, transportation and devices to keep patients from wandering, Of that group, at least a third said they spend at least $30,000 a year.
While a majority of caregivers pay for the relatives care out-of-pocket, 51percent use their relative’s savings, 42 percent use their relative’s health plan, 33 percent use government benefits, 16 use a credit card and 10 percent use long-term care insurance.
Almost 97 percent of the close to 1,000 people who responded to the survey said that caregiving for a person with Alzheimer’s has affected their marriages and friednships and 76 percent said their own personal well-being had declined.
More than 5 million Americans are now living with Alzheimer’s disease. That number is expected to triple as the Baby Boom ages.
For the millions of families affected by Alzheimer’s disease, the Alzheimer’s Foundation of America is providing tips on how to adapt holiday gatherings to make them as enjoyable as possible for someone living with Alzheimer’s or another...
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