Caring for a loved one with dementia can be very expensive. How much is dementia care exactly? Well, think about it this way. Alzheimer’s and dementia are the most expensive to treat!
But this is definitely nothing new to the caregivers who have spent their savings, took out second mortgages on their houses, and even loans.
How Much Does Alzheimer’s and Dementia Cost?
A study published in The New England Journal of Medicine found Alzheimer’s disease to be more expensive than cancer and heart disease. The costs are between $157 billion to $215 billion dollars per year as a whole. That is about $50,000 per case.
There are over 5 million people living with Alzheimer’s and dementia in the United States. Did you know that Alzheimer’s disease and dementia is the 6th leading cause of death among Americans? That’s right!
Anyone about to become a caregiver for a loved one recently diagnosed needs to be fully aware of the costs. Where does all the money go? Good question! Here’s a list of expenses you are likely to have drain your bank account.
Medical Bills Not Covered By Insurance
Since there is no cure for Alzheimer’s disease and dementia, medications and continuous doctor visits are a regular occurrence. Just a neurological exam can be up to $10,000. There are several care costs that are also not covered by health insurance or Medicare. This can be crippling to any caregiver and his or her family.
Alzheimer’s and Dementia Care is Your New Unpaid Job
Many family members take on the role of caregiver after Alzheimer’s and dementia progress beyond loved ones’ abilities to care for themselves. This means a loss of monthly income from the job you may have. So as dementia care costs increase, your monthly wages decrease.
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Hiring Caregivers to Help
If quitting your job to be a full-time caregiver is out of the question, you may need to enlist the help of hired caregivers. This too can be pricey, and not all caregivers are covered by insurance. In-home dementia care can cost up to $6,000 per month in some cases. This of course depends on the needs of your loved one and how far the disease has progressed.
Your Loved One May Have Financial Issues
As your loved one becomes lee aware of what is happening, they may make some bad financial decisions you won’t know about. So if you are hoping to use their retirement payments to help with caregiver expenses, it is best to check their bank accounts.
Unfortunately, senior fraud and elderly aimed scams are popular. They are easy to take advantage of and they may have become prey to a scam that is draining their finances.
Every Year Alzheimer’s and Dementia Care Costs Increase
One of the most challenging issues caregivers have is the length of the disease. Dementia care costs can go one for decades. There may not be help coming from medical professionals, researchers, and governments anytime soon!
The more than $200 billion cost of Alzheimer’s disease and dementia care is frightening. Families will undoubtedly struggle. So how do you extend a loved one’s independence? Technology!
For example, GPS tracking devices that allow caregivers to monitor and track a loved one’s daily routines. The Caregiver Watch does this and more. For a fraction of the cost of dementia care, you can get a GPS watch and iOS or Android app that extends senior independence, health, and dignity. Click below to get the Caregiver Watch now.