The Financial Toll of Alzheimer’s
A diagnosis of Alzheimer’s has more than just medical implications — there are financial issues, too.
An estimated 5 million people in the United States have Alzheimer's disease; this number is expected to double by the year 2050 as the elderly segment of our population grows. Not only does the disease have a significant emotional impact on individuals and their families, it also causes severe family financial burden and places considerable demands on the greater public health system.
Most families take care of long-term care using these two resources:
While some long-term care insurance policies cover the level of care needed by an Alzheimer's patient, most people don't have such policies.
Cost of Care
- On average, families contribute an additional $218 monthly toward the
care of their loved one. - The average hourly rate for an in-home health aid is $19hr or $152 for an eight-hour day.
- Adult day care services average $56 per day, but can range from $25 a day to $100 daily.
- The average cost for a private, one-bedroom unit in an assisted living facility is approximately $45,000 per year.
- The average cost for a private, one-bedroom unit in a nursing home is $72,000 per year.
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It's not hard to meet expenses... they're everywhere.
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