By Kate Ashford | NerdWallet
People with dementia who live in long-term care facilities are spending a significant portion of their income each month on care, according to an October 2023 study published in the Journal of the American Medical Directors Association (JAMDA). The study found that the median adult with dementia in an assisted living facility spent nearly all of their income (97%) each month on care, and those with dementia living in nursing homes spent 83% of their income each month on care.
Currently, there are nearly 7 million Americans who are living with Alzheimer’s disease, the most common type of dementia, says Monica Moreno, the senior director of care and support for the Alzheimer’s Association, a nonprofit that provides support and advocacy for those affected by Alzheimer’s disease. “We also know that with Alzheimer’s disease, we are talking about a progressive disease that has no cure.”
Consequently, as the disease advances, people need more care, and the burden of how to provide that care — and pay for it — often falls to their families.
“A lot of them have made really responsible financial decisions their whole life, but nobody is prepared for this cost at the end of their life,” says Dana Eble, public relations and outreach manager at the Alzheimer’s Caregivers Network, a support network for care partners. “People didn’t even know they needed to save this much money.”
From estate planning to home tech gadgets, here are some strategies to help you support your loved ones.
Understand the financial and legal picture
Have a frank conversation about finances. What is your loved one’s situation in terms of income and expenses, and how much do they have in savings? How will care costs be covered? And what are their wishes for how they’ll be cared for as the disease progresses?
“Don’t wait to have these difficult conversations,” Moreno says. “Then, when the family is confronted with having to make these…
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