The Impact of Alzheimer's Disease and Dementia

One in three senior citizens dies of Alzheimer's Disease or another dementia. In fact, women are at the center of the Alzheimer's epidemic with more than 2.5 times women requiring 24 hour care for the disease than men according to the Alzheimer's Association. The projections are that by 2050 the number of people with Alzheimer's Disease may triple. With the growth of Alzheimer's Disease and the projected growth, the impact of caring for family members and friends is a large burden physically, emotionally and mentally. Close to 60 percent of Alzheimer's and dementia caregivers state that the stress of caring for their loved one is very stressful and more than one-third report symptoms of depression. According to information for the Alzheimer's Association, families and friends provided 17.7 billion hours of unpaid care in 2013. The total of that care is valued at $220 billion. Alzheimer's disease is the most expensive condition to care for in America. Considering that nearly one in five dollars spent by Medicare are for those suffering with Alzheimer's Disease or another form of dementia and that the total cost for Alzheimer's care in America in 2014 was $314 billion, we certainly see the needs for our families and ourselves to support the research to find a cure for Alzheimer's but also be prepared financially to receive the needed care in case of diagnosis. Skilled care in America can cost an individual over $100,000 on average annually and for home care services for seniors to remain at home cost on average $7,000 monthly for individual personal care needs. Two things are important for families to consider when preparing for senior care and long term care: Having a plan in place and financial preparation. A clear plan for where the individual would prefer to live and what kind of care they would like to receive will take away a lot of stress from loved ones who are acting as caregivers. It gives direction to those serving in healthcare as well in how to best provide the care you need and so desire. Financially, having long term care insurance or an alternate insurance that covers chronic illnesses including cognitive issues is a great start to making sure you or your loved one has the financial means to receive the quality care you will need. Speak with your financial advisor or an insurance professional who has the resources to assist you in setting up a plan for your long term care needs. There is nothing that we can do at this time to prevent Alzheimer's Disease but we can be prepared to help our children, grandchildren or other loved ones to assist with providing us the best care without the financial or physical burdens.