About 15 million people in America take care of a loved one with Alzheimer's disease. A new study by Agingcare.com has found that 1/4 of Alzheimer's caregivers spend $4000 per month of their own money providing care, or about $50,000 per year.
The survey found that caregiver costs include many goods and services:
- Home care costs
- Assisted living
- Nursing home care
On average, the study found that a person with Alzheimer's lives from 8-12 years after diagnosis, so the costs can mount fast.
People who do not spend $4000 per month for caregiving often spend much of their time with their loved one. The survey noted that 38% of caregivers for these patients spend at least 30 hours per week in care that is not paid.
Caregivers in the survey described how caregiving can cause financial problems. More than 50% of those polled said family finances are being strained by caregiving. About 1/5 stated they had taken on major debt to finance caregiving. About 30% had to cut their work hours, and 25% had to quit their job.
One of the lessons of this survey is that adequate financial planning for end of life issues is important. If funds are set aside for long term care insurance, caregivers usually can be protected from much of the cost of caregiving.
Our company offers many types of helpful, affordable products that can ease your caregiving burden, including:
The Assist-A-Tray, which is a standing aid with a convenient tray attached for sitting. This is a truly innovative mobility aid that will make it easier for your loved one to sit and stand, and to eat as well.