As the population ages, and people are living longer, the cost of dementia care can be draining financially and emotionally.
$257 billion was spent on care for Alzheimer’s, or other forms of dementia by Americans, and that number continues to grow according to the Alzheimers Association.
Here we will provide you with the information on the cost of dementia care, the different types of care for the 7 stages of dementia, the personal costs, and the financial costs too.
Dementia Care Cost At Home
Dementia care at home can be complicated, as nearly 90% of all seniors want to age at home for as long as they possibly can according to AARP.
Seniors with some form of dementia will need to have some form of in-care help to keep them safe and to still stimulate their cognitive skills.
The cost of dementia care does vary from location to location, also the level of care that the patient needs.
But the average hourly rate for home health care ade is $25 an hour, and this is about $55,000 per year, is a study that Genworth has done.
When you are hiring someone to take care of your loved one, make sure that they have the experience and the training to help and care for someone with dementia, as this will require a unique set of skills and a dementia care plan.
A trained home care professional will be able to provide companionship and social engagement. They will provide the help that they need with their daily activities, eating, dressing, toileting, and in later stages of dementia, your loved one will need help with everything.
The home care professional can help with aggressive behaviors, and sundown syndrome, they can help to keep your loved one less anxious, to de-escalate these situations.
They will also provide dementia geared activities, that will reduce agitation and anxiety, with reminiscence therapy, and inspire positive memories.
Dementia Costs And Home Modifications
Safety in the home is another cost, as dementia progresses, seniors will have more difficulty with movement, will have disorientation, and suffer from wandering.
When seniors fall this will often result in hospitalization, it is important that home modifications are done to minimize the risk of them falling.
Home modifications will need to be done, the home will need some basic modification, and there will need to be grab bars installed, removing all potential trip hazards, and lowering the thresholds, all of this can be about $5000 to $7000.
As dementia progresses, more precautions will need to be done, getting alarmed windows, and doors, to help to prevent them from wandering, stairlifts, automatic off appliances, non-slip flooring, walk-in tubs, or showers, will all be needed, and this cost can be from $10,000 to $15,000.
Professional Cost Of Dementia And The Emotional Cost
The emotional cost of dementia care is often overlooked, and the non-financial impact can be very harmful. More than one-third of all dementia caregivers have reported emotional stress according to the National Alliance Of Caregiving.
This is often overlooked, but it Mental Cost Of Dementia Care needs to be considered and factored into the cost of dementia care for your loved one.
Mental Cost Of Dementia Care
According to a study by the Univerisity College Of London, dementia caregivers suffer more from depression, anxiety, higher levels of stress, and lower overall well-being, than other caregivers of non-dementia patients.
Many family members will spend at least 21 hours of unpaid caregiving per week, taking care of their loved one with dementia, according to the National Caregiver Alliance.
Many caregivers will feel the emotional toll and become overwhelmed with taking care of a loved one with dementia. They can suffer from caregiver burnout.
Other Unseen Costs Of In-Home Caregiving
Besides the costs of actual caregiving, many people do not see the emotional strain that it can cause. Still, there is also the impact that sometimes the in-home caregiver will have to take time off work for doctor appointments, or emergencies, which will affect your paycheck, and your work performance.
The medical cost of Alzheimer’s care
As there is no cure for dementia, medical care is required to maintain a quality of life, medication, checkups with the doctor, and different treatments for depression, loss of vision, and loss of hearing, are all important to provide successful dementia care according to Stanford Health.
Diagnosing that your loved one has dementia is the first step, the doctor will perform cognitive assessments, and if dementia care is needed, they will recommend the right specialist.
Your insurance will cover the costs of Alzheimer’s costs, but if you are looking for different types of treatments, that will be paid out of pocket.
Medicare And Dementia Care Costs
Medicare will cover the costs of some doctor’s fees associated with dementia, they will cover cognitive assessments, care planning assistance, in-home medical care prescribed by a doctor, 100 days of skilled nursing care, and hospice care for 6 months.
Medicare costs for dementia care were over $25,000 per person, and that is 3 times higher than the Medicare cost for seniors without dementia according to the Journal of Managed Care.
Does private insurance cover the cost of dementia care?
Private insurance will usually cover some aspects of dementia care, so it is important to review the policy and see what it will cover.
With long term care insurance say that they will cover Alzheimer’s and dementia care, but there are stipulations.
You will need to see what type of care is covered, some insurance will pay for in-home, while others will only pay for skilled nursing homes or memory care.
With life insurance, most policies you will be able to borrow against the cash value, or they might offer accelerated death benefits.
There are gap insurance policies that will help to supplement your coverage, that your insurance company does not pay.
The Cost Of Memory Care
In-home and memory care facilities both help to provide the care seniors need with dementia, the differences are, that with a memory care facility, the average cost will be about $5,000 per month, and that will include full-time care, meals, and all the support that they need.
With in-home care, it can be a little cheaper in the beginning, but as dementia progresses, the type of care and attention that your loved one will need will exceed the $5,000 per month, to provide the same level of care that will be required.
Memory care facilities have a team of staff who are fully trained to give the mental help and emotional support that the seniors will need and help to prevent wandering.
The facilities are designed to reduce anxiety which is common with dementia, they have a low staff to resident ratio.
The communities are designed to keep the residents with dementia safe, with building layouts, for easy navigation, and providing safe spaces that encourage social interaction.
Loving Assisted Living And Dementia Care Costs
With Loving Assisted Living, we are here to help you to understand the costs of dementia care, and we understand that your loved one will need more care as dementia progresses.
You can contact us if you are interested in a memory care facility, to help you and your family make the right decision.