Did you know that 62% of family caregivers pay for a loved one’s Alzheimer’s care out of their own savings? In the United States, Alzheimer’s disease affects more than five million individuals and families. Although the disease is not a normal part of the aging process, it continues to grow in line with the aging population. As families face the emotional and financial stresses associated with Alzheimer’s, it has become imperative that caregivers begin to plan for the future.
To help plan, advisers have begun integrating the possibility of a loved one with Alzheimer’s to better navigate the families’ financial planning. A recent survey release from caring.com shows the financial impact of Alzheimer’s and the severity it can play on a family’s financial state.
How much do caregivers spend on dementia caregiving?
- Nearly half (42%) of family caregivers spent over $20,000 a year.
- 33% spent $30,000 or more
- 25% spent less than $5,000 per year.
- 14% spent $5,000 to $9,999
- 11% spent $10,000 to $19,999
- 8% don't know how much they spent
Where does the money come from?
- 62% are paying out of their own pockets
- 51% use their loved one’s savings
- 42% use their loved one’s health plan
- 33% use government benefits
- 16% use a credit card
- 10% use long-term care insurance
What is money spent on?
- More than 25% of family caregivers spend $1,000-$4,999 annually on Alzheimer's medications
- 78% spent money on doctor/neurologist visit
- 46% spent money on hospitalizations
- 72% spent money on incontinence products
How much is spent on care and services?
- 51% spent money on in-home caregiving services
- 48% spent money on assisted living or nursing home fees
- 21% spent on adult day services
- 18% spent money on geriatric care services
- 33% spent money on financial planner/management services
How much is spent on products and services?
- 53% spent money on home modifications, including monitoring products/services
- 27% spent money on wandering products and services
- 42% spent money on personal emergency products and services
- 63% spent money on transportation expenses
If you are one of the millions Americans navigating a loved one’s Alzheimer’s care, experts are available to discuss potential services and financial options. Home healthcare organizations provide in-home care for patients and families living with Alzheimer’s. To determine if your loved one is eligible for care, call VNA of Ohio today to speak with a nurse regarding your family’s situation.
Call VNA of Ohio Today
Learn more about VNA of Ohio home healthcare, or call us today at 1-877-698-6264.