Dementia care can cost a fortune. Families pay in more ways than one.
Families caring for loved ones with dementia navigate substantial costs, with memory care facilities averaging over $8,000 monthly across the U.S.
Angela Davis, 65, has been caring for her mother with dementia for several years now. After a regular care facility proved insufficient, Davis moved her mother into her own home, where she now handles her mother's medication, hygiene, and nighttime supervision. Her mother receives $3,200 monthly in retirement income, while Davis covers the remaining expenses. These expenses, including home maintenance, amount to approximately $7,000 per month. With her mother's income, Davis bears the financial burden of her care.
The emotional toll of caring for a loved one with dementia is immense, according to Davis. She describes the experience as "death by 1,000 cuts," with daily reminders of her mother's fading memories. The American Alzheimer's Association reports that seven million Americans are living with Alzheimer's, leading many families to grapple with the escalating costs of care. Estimates suggest that the lifetime costs of dementia can surpass $400,000.
Navigating the expenses of dementia care can be overwhelming. Two dozen families shared their experiences with BI, citing the strain of frequent hospitalizations, expensive medications, transportation costs, and round-the-clock home care. Those who can afford it often spend five figures on monthly memory care facility expenses. Other costs include home modifications, power-of-attorney legal fees, and aging-in-place technologies.
Sharon Winterton, 53, juggles a tech sales job, raising a daughter, and caring for her 90-year-old mother with vascular dementia. After moving her mother into an independent living facility, Winterton's mom invested in long-term care insurance to cover her $7,000 monthly assisted living costs. Though fortunate to avoid high out-of-pocket expenses, Winterton has spent thousands on technologies to monitor her mother remotely.
For families who cannot afford memory care facilities, at-home care can be an alternative. However, the costs can be comparable. Tatyana Zlotsky, CEO of A Place for Mom, notes that 24/7 home care can cost over $250,000 a year. Despite the financial strain, caregivers like Angela Davis and Sharon Winterton remain dedicated to providing the best possible care for their loved ones with dementia.
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