More than a quarter of Alzheimer’s caregivers spend over $4,000 each month on their loved one’s care.
AgingCare.com conducted a survey of more than 1,600 people taking care of a family member with Alzheimer’s or another form of dementia.
View the report: “The Financial Impact of Alzheimer’s on Family Caregivers: 2014“
“Alzheimer’s caregivers face some of the most astronomically devastating financial costs,” says Joe Buckheit, president of AgingCare.com, an online resource that connects family caregivers.
Over half of the more than 15 million American Alzheimer’s caregivers reported significant financial stress, an unsurprising statistic given the combined challenge posed by massive care costs and the career-altering sacrifices that caregivers must make.
The $4,000 pinch
Top costs include paying for services such as professional home care, adult day care, assisted living and nursing home care.
Nearly 30% were forced to reduce their working hours as a result of their loved one’s care needs, while 25% had to quit their job entirely.
“It was impossible for me to continue my job and care for my family’s needs,” says one caregiver. “Calls would come at any time of the day and night.” Even those who don’t have to quit may find their professional opportunities restricted.