People who are caring for a family member with Alzheimer's disease often have to make a lot of sacrifices, a new report released by the Alzheimer's Association said.
The 2016 Alzheimer's Disease Facts and Figures report surveyed 500 people who cared for either a family member or a friend with Alzheimer's, the most common form of dementia.
The researchers found that overall, about 50 percent of caregivers made some kind of sacrifice in order to afford and provide adequate care to their dementia-affected loved ones. Twenty-eight percent of caregivers were highly likely to eat less food or go hungry, while 20 percent reported skipping doctor visits in order to save money.
"The devastating emotional and physical effects of caring for a person with Alzheimer's disease has been well studied," said Beth Kallmyer, the vice president of Constituent Services for the Alzheimer's Association. "However, this new report shows, for the first time, the enormous personal financial sacrifices that millions of care contributors must make every day. These sacrifices jeopardize the financial security of individuals and families, as well as their access to basic needs and health care."
The report found that 13 percent of caregivers said they sold their own belongings and almost 50 percent had to use money from their savings or retirement in order to help pay for dementia-related treatment. On average, a caregiver who did not live in the same household as the Alzheimer's patient spent more than $5,000 of their own money per year.
On top of using one's own money, the report found that caregivers also lost out on income because they were forced to either quit their jobs or cut back on their number of work hours. The average loss of income was $15,000 per year.
The financial burdens from caring for an Alzheimer's patient did not only affect the caregivers. The report found that 11 percent of the caregivers had to reduce spending for their children's education. These financial problems can lead to a lot of emotional distress, especially since many caregivers are not prepared.
"Our findings show that very few people are prepared for the cost of caring for someone with Alzheimer's, which is the sixth-leading cause of the death in the U.S. and is expected to nearly triple in prevalence by 2050," said Kallmyer. "It is imperative for our health care system and the financial security of millions of Americans that we help people understand the full costs associated with Alzheimer's disease and, more importantly, that we provide practical steps to mitigate these costs."
The report is recommending potential caregivers to prepare early on. One way to do so is to create a retirement plan that factors the possibility of long-term medical care. Another method is to hire a planner who will be able to help people plan out their finances and spending in a more ideal pattern. Caregivers should also remember to look into care services and assistance programs that can help lighten the load.
Preparation is vital, especially since the incidence rate of Alzheimer's disease is estimated to be at 5.4 million in 2016. The Alzheimer's Association added that this rate could reach 13.8 million by 2050.
