Nov 4, 2014

The Financial Impact of Alzheimer’s on Family Caregivers 2014

Over half of Alzheimer's caregivers reported significant financial stress, an unsurprising statistic given the combined challenge posed by massive care costs and the career-altering sacrifices that caregivers must make.

By Alzheimer's Reading Room

The Financial Impact of Alzheimer’s

More than a quarter of Alzheimer's caregivers spend over $4,000 each month on their loved one's care, according to a new AgingCare.com survey of more than 1,600 people taking care of a family member with Alzheimer's or a related dementia.

Top costs include paying for services such as professional home care, adult day care, assisted living and nursing home care.


Highlights
  1. 25% of Alzheimer’s caregivers spend over $4,000/month on their loved one’s care.
  2. 38% of Alzheimer’s caregivers provide more than 30 hours/week of unpaid care for a loved one.
  3. 64% of Alzheimer’s caregivers are caring for a parent, while 18% are caring for a spouse.
  4. 51% of people with Alzheimer’s are living at home and being cared for by a family member, a paid caregiver or both.
  5. Fewer than half of Alzheimer’s caregivers talked with their loved one about financial matters before their diagnosis.
  6. 61% of Alzheimer’s caregivers say their loved one did not make any financial plans for their future care before their diagnosis.
  7. 38% of Alzheimer’s caregivers use some of their own personal money to pay for their loved one’s care.
"Alzheimer's caregivers face some of the most astronomically devastating financial costs," says Joe Buckheit, president of AgingCare.com, an online resource that connects family caregivers.
To raise awareness of the impact of Alzheimer's disease on families during Alzheimer's Awareness Month and Family Caregiver Month, AgingCare.com's survey



"The Financial Impact of Alzheimer's on Family Caregivers: 2014" 

highlights the unique financial challenges faced by the more than 15 million Americans taking care of a family member with Alzheimer's.

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Take a look at the report here:

"The Financial Impact of Alzheimer's on Family Caregivers: 2014"

  • Over half of Alzheimer's caregivers reported significant financial stress, an unsurprising statistic given the combined challenge posed by massive care costs and the career-altering sacrifices that caregivers must make. 
  • Nearly 30% were forced to reduce their working hours as a result of their loved one's care needs, while 25% had to quit their job entirely.
"It was impossible for me to continue my job and care for my family's needs," says one caregiver. "Calls would come at any time of the day and night." Even those who don't have to quit may find their professional opportunities restricted.
And too many families don't discuss future care needs and financial concerns in advance.
  • Sixty-one percent of Alzheimer's caregivers say their loved one neglected to prepare for their care prior to being diagnosed, while fewer than half actually sat down with their family to talk through their financial concerns.
Consequently, the most often mentioned piece of wisdom from long-time Alzheimer's caregivers: plan early and have the tough conversations.
"Every day, Alzheimer's caregivers—many of whom are balancing the needs of aging family members with those of their own children—are confronted by impossible choices," says Buckheit. "By talking to and connecting with other caregivers who've been in similar situations, these men and women can find practical and emotional support to make the best decisions for their families."
Findings include:
  • 38% of Alzheimer's caregivers provide more than 30 hours/week of unpaid care.
  • 64% are caring for a parent, while 18% are caring for a spouse.
  • 51% of people with Alzheimer's are living at home and being cared for by a family member, a paid caregiver, or both.
About AgingCare.com
AgingCare.com is the go-to destination for family caregivers, providing trusted information, practical answers to real-life questions, and ongoing support through every challenge.  Visit www.AgingCare.com to learn more.

More articles on Alzheimer's and Dementia 

  1. The Alzheimer's Caregiver Can Become the Patient
  2. Alzheimer's Caregiving Advice and Insight
  3. Alzheimer's Caregiving Dealing with Behavior
  4. Why Do Dementia Caregivers Torture Themselves?
  5. Alzheimer's Caregiving Like Emotional Super Glue

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