Alzheimer's Care Costs Index 2014

Family caregivers for loved ones with Alzheimer's and other dementias spend more money and time caregiving than those caring for loved ones with other diseases. Caring.com's Alzheimer's Care Costs Survey explores the financial, emotional, professional, and familial impact of the disease on family caregivers in the US. From October 13, 2014 to November 10, 2014, Caring.com conducted an online survey with responses from 973 dementia caregivers. No incentive was offered.

Out-of-Pocket Alzheimer's Care Costs

Q: In total, how much would you estimate that you and other family members spent caring for this person over the last 12 months?

Highlights:

  • Nearly half (42%) of family caregivers spent over $20,000 a year on dementia caregiving.
    • 33% of those caregivers spent a whopping $30,000 or more a year.
  • 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 on dementia caregiving in the last year.

 

Paying for Alzheimer's Care

Q: How are you paying for costs related to caring for a loved one with Alzheimer’s? Choose all that apply.

Highlights:

  • 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.

 

Costs Associated With Alzheimer's Care

Q: Over the past 12 months, about how much have you or other family members (including your loved one) spent on the following types of expenses related to your loved one’s condition?

Highlights

Medical expenses

  • More than 25% of family caregivers spend $1,000-$4,999 annually on Alzheimer's medications.
  • 78% spent money on doctor/neurologist visits.
  • 46% spent money on hospitilizations.
  • 72% spent money on incontinence products.

Other Highlights:

Money spent on care and services

Money spent on products and services

  • 53% spent money on home modifications (for safety, etc.), 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.

 

Other Impacts of Alzheimer's Care

Q: In which of the following ways has being a family caregiver for a loved one with Alzheimer’s affected you? Choose all that apply.

Highlights:

  • 22% of family caregivers are in debt from dementia caregiving
  • A stunning 97% of family caregivers say their personal (marriage and friendship) relationships have suffered or even ended as a result of caring for a loved one with Alzheimer's or dementia.
  • 76% say their emotional well-being has declined as a result of Alzheimer’s or dementia caregiving, and 55% say their physical health has declined.
  • 56% of caregivers have had to quit their job or say their career has been negatively affected by their caregiving duties.

 

Hours Spent on Alzheimer's Care

Q: In a typical week, about how many hours do you personally spend on caregiving tasks and activities?

Highlights:

  • 48% of family caregivers spend over 20 hours a week on dementia caregiving
    • 25% of those caregivers spend over 40 hours a week on dementia tasks and activities

 

Alzheimer's Caregiver -- Gender

 

Alzheimer's Caregiver -- Age Range

 

For more information:

Affording Care for Alzheimer's Disease | Next: The Financial $tress of Alzheimer's Care

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over 4 years, said...

If there was a way of making an ordinary life insurance policy pay for senior care, would you be interested in offering this option to your clients? A death benefit is turned into a living benefit with payments automatically going to the care provider. The policy becomes of more use to the patient while they are still alive and need the funds they have accumulated. No further premium payments need to be made. Stops seniors going into debt and keeps occupancy rates steady for care givers.


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