Almost Half Of Alzheimer’s Family Caregivers Have $20,000 in Expenses Per Year

According to a Caring.com report, 42 percent of family members taking care of Alzheimer's or dementia family members spend upwards of $20,000 or more per year. These care-giving expenses include out-of-pocket costs for assisted living, medications, medical bills, professional in-home caregivers, products for incontinence, wandering products, transportation, and more. Of the 42 percent of the caregivers that spend more than $20,000 per year, 33 percent spend upwards of $30,000 or even more per year in care-giving. Only 8 percent of Alzheimer's caregivers don't keep track of their expenses and don't know how much they spent. Surprisingly, 62 percent of family caregivers pay for Alzheimer's care out of their own pockets. About 51 percent use their family member's savings, 42 percent use their loved one's health insurance plan, 33 percent apply for government benefits, 16 percent use credit cards, and 10 percent use long-term healthcare insurance. Andy Cohen, Caring.com CEO, said in a press release: "The numbers are staggering. More than 5 million Americans are living wit
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