Caring for someone with Alzheimer's disease or other forms of dementia takes a big physical and emotional toll, and, according to a recent study, it also carries a significant financial burden.
In its 2016 Facts and Figures report, the Alzheimer's Association found that nearly half of caretakers have had to cut back on their own expenses for food, transportation and medical care to be able to afford dementia-related care for their loved one.
"It's an incredibly emotional issue to begin with, and on top of that, to deal with the financial blows, and you're finding that out when you're in crisis," says Teresa Galbier, president of the Alzheimer's Association Rochester Finger Lakes Region. She says very few people are prepared for the cost of caring for someone with the disease.
"We found actually that families believe they have long-term care insurance and other types of insurance that will take care of their loved ones or themselves when they a nursing home and or in need of long-term care. In fact, only three percent of the adult population in this country has actually purchased long-term care insurance for that purpose."
The Alzheimer's Association is pushing federal legislation known as the HOPE for Alzheimer’s Act, which would provide Medicare coverage for comprehensive care planning following Alzheimer's or dementia diagnosis.
You can find more information on navigating the financial and legal implications of providing care for a patient at www.alz.org/rochesterny.