The Cost of Dementia Care in 2018

The Cost of Dementia Care in 2018

A recent study by Northwest Mutual Insurance looked at caregivers and the costs associated with caregiving.

Many Gen X and Mellennials will be asked to care for aging parents while at the same time raising families of their own.   If that care comes with a dementia diagnosis the cost and time of the caregiving greatly increases.  83% of help for our seniors comes from family, friends and unpaid caregivers.

Lifetime cost for caring for someone with dementia is estimated to be $341,840.

Putting a plan in place including finances is a crucial step prior to cognitive decline.  In this way the wishes of the senior and their family members can be taken into account.  According to this study 53% of caregivers say the caregiving situation was unplanned and they were not financially prepared.

The conclusion of the study was that more people need to be made aware of the costs that taking care of a loved one is, learn to plan ahead for the possibility of having to deal with such a tremendous task and to create strategies that will help everyone involved.

Key Points:

  • 1Average expenses included $273 per month spent on medical supplies and $159 per month on food.
  • 2Only 48% of caregivers reported that they were financially ready to provide financial support.
  • 37 out of 10 caregivers lower their own living expenses to pay for caregiving costs for a loved one.

Although many Americans are well aware of the impending costs — and probability — of a caregiving or long-term care event in the future, a large number of Americans polled said they have not planned financially.

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