According to a U.S study, families might shell out twice asmuch if they are taking care of a Dementia patient than a loved one suffering
from other conditions or illnesses.
It is hard to believe without numbers so here are the costs
that Annals of Internal Medicine published. The study revealed that families of
dementia patients paid a total of $61, 552 using their savings compared to
$34,068 paid by families taking care of patients with no cognitive condition.
that Annals of Internal Medicine published. The study revealed that families of
dementia patients paid a total of $61, 552 using their savings compared to
$34,068 paid by families taking care of patients with no cognitive condition.
Dr. Amy Kelley, lead author of Icahn School of Medicine at
Mount Sinai in New York has something to say regarding this huge chunk of money
that people are spending. According to her, “Many costs related to daily
care for patients with dementia are not covered by health insurance, and these
care needs, including everything from supervision to bathing and feeding, may
span several years.”
Mount Sinai in New York has something to say regarding this huge chunk of money
that people are spending. According to her, “Many costs related to daily
care for patients with dementia are not covered by health insurance, and these
care needs, including everything from supervision to bathing and feeding, may
span several years.”
She spearheaded a study that assessed the financial toll
dementia takes on families by analyzing out-of-the-pocket and Medicare spending
of 1,700 people who are 70 years old and above who died between 2005-2010.
dementia takes on families by analyzing out-of-the-pocket and Medicare spending
of 1,700 people who are 70 years old and above who died between 2005-2010.
The result was the same as the study conducted by Annals of
Internal Medicine. The families paid a total of 287,000 for dementia patients,
$175,000 for heart disease, $173,000 for cancer and $197,000 for people who
died due to other causes.
Internal Medicine. The families paid a total of 287,000 for dementia patients,
$175,000 for heart disease, $173,000 for cancer and $197,000 for people who
died due to other causes.
With this amount of money, families struggle to keep up with
the cost. These studies highlighted the financial burden that end-of-life care
for dementia patients that is repeating in multiple generations.
the cost. These studies highlighted the financial burden that end-of-life care
for dementia patients that is repeating in multiple generations.
There are other factors why families are losing money by
taking care of dementia patients. According to Dr. Mark Lachs, an expert in
aging and finances at Weill Cornell Medical College in New York, these families
believe that Medicare will cover the long term care expenses. The truth is, it
will not.
taking care of dementia patients. According to Dr. Mark Lachs, an expert in
aging and finances at Weill Cornell Medical College in New York, these families
believe that Medicare will cover the long term care expenses. The truth is, it
will not.
He recommends getting an insurance for long term care that
will help families avoid bankruptcy due to the high cost of end-of-life care of
dementia patients.
will help families avoid bankruptcy due to the high cost of end-of-life care of
dementia patients.
Visit https://www.altcp.org/costs-ways-to-pay/cost-of-care to know more about the average cost of long term care.