Alzheimer’s Takes a Financial Toll on Caregivers

Alzheimer’s disease has long been known to take a tremendous toll not only on those living with it, but also their family and friends. Researchers, however, are also finding that this condition can take a significant bite out of a family’s finances.

The American Alzheimer’s Association dove into the topic of caregiver and family expenses in its 2016 Facts and Figures report. That report found that few families are prepared for the financial impact this disease can have on them financially. One of the stumbling blocks researchers found involves long-term care insurance. Many families believe they have this type of coverage that can take the financial burden of providing care off their shoulders. As it turns out only an estimated 3 percent of the adult population in America actually has this type of insurance.

The Alzheimer’s Association also uncovered some of the ways families are tightening their budgets to help cover loved one’s expenses. To ensure their loved ones receive necessary care, many caregivers cut back on their own medical expenses, food and even transportation. While that solution may ensure the loved one gets necessary care, caregivers themselves may suffer in the process.

Considering the plight of caregivers and entire families, the association is pushing congress to pass the Hope for Alzheimer’s Act. This act would, among other things, increase access to information on care and support made available for newly diagnosed patients and their families. It would also build on Medicare coverage to help make certain comprehensive care planning is made available.

Without the act in place, families facing Alzheimer’s disease are often left to face the financial struggles on their own. Some help may be available through private insurance coverage already in place and on the local and state level. Caregivers of loved ones living with Alzheimer’s disease are urged to speak with their loved one’s healthcare provider about help that may be available in their communities. Local social services agencies may also offer insights.