How to help your loved one navigate the costs of dementia care
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.