The #Devastating #Cost of #Alzheimers Care

24/7 Wall St.

Sad lonely pensive old senior womanProviding care for a parent or loved one with Alzheimer’s disease or other dementia costs $20,000 or more for 42% of Americans. About a third of those pay $30,000 or more for a year of care.

The information comes from a new report at Caring.com, a subsidiary of Bankrate. Costs include out-of-pocket expenses for assisted living, professional in-home caregivers, medication and medical bills, incontinence products, wandering products, transportation and other expenses.

Caring.com notes that 62% of those surveyed are paying for Alzheimer’s care out of their own pockets, and 51% are using their loved one’s savings. A third use government benefits and 42% use the patient’s health care plan, while 16% use a credit card and 10% use long-term care insurance.

Andy Cohen, Caring.com’s CEO, said:

More than 5 million Americans are living with Alzheimer’s, and that number is expected to triple as the population continues to age. The majority…

View original post 192 more words