To the editor:
As Tax Day nears, the Alzheimer’s Association is encouraging families and individuals across the country to take a closer look at their finances.
One in nine Americans aged 65 and older are living with Alzheimer’s disease – that’s nearly 7 million Americans across the country. The disease not only takes a tremendous physical toll on diagnosed individuals, but the costs associated with the disease can be staggering and put a huge economical strain on families.
Disease-related costs can jeopardize a family’s financial security, and many families and caregivers make enormous personal and financial sacrifices. The 2024 Alzheimer’s Association Alzheimer’s Disease Facts and Figures report found some staggering results:
● The total lifetime cost of care for a person living with dementia is estimated at almost $400,000 ($394,683) with 70% of these costs borne by family caregivers in the forms of unpaid caregiving and out-of-pocket expenses.
● Dementia caregivers bore nearly twice the average out-of-pocket costs of non-dementia caregivers.
● Nearly half (48%) of care contributors must cut back on their own expenses – including necessities like food, transportation and medical care – to afford dementia-related care, while others must draw from their own savings or retirement funds.
● More than half of adults (51%) incorrectly believe that Medicare helps pay for nursing home care or are unsure whether it does.
To help families navigate these and other financial challenges, the Alzheimer’s Association offers a free online education program, “Managing Money: A Caregiver’s Guide to Finances.”
For more information, visit the Alzheimer’s Association Iowa Chapter website.
Lauren Livingston, Alzheimer’s Association Iowa Chapter
West Des Moines,
