By The Clearday Research Team
It’s no secret that, in general, healthcare is expensive. However, for those suffering with Alzheimer’s and those who are in the position to financially care for these individuals, the cost of care can add insult to injury when already dealing with the devastating disease firsthand.
Alzheimer’s care is costly due to many factors including the system of paid and unpaid caregivers, medications, long-term care facilities, and ambulatory care. According to a NIH’s funded study, those suffering from dementia in their last five years of life rack up to a quarter of a million dollars worth of costs with expenses such as insurance, hospital visits, medication, nursing homes, hired helpers, and in-home medical care.
According to (Wong, 2020), in 2020, total cost of treatment was $305B (including home health, assisted living, hospice, underestimated informal caregiving costs) and it is expected to rise to over $1T by 2050.
Business costs also increase due to loss in productivity from full-time working caregivers and paying roughly 8% for healthcare for caregivers, resulting in an extra $13.4B in expenses per year. (Feinberg and Choula, 2012)
That’s why Clearday provides resources and support to agencies and caregivers alike that help ultimately bring down the cost of home caregiving. To learn more click here.
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