Caregivers of people with dementia face financial hardships

Caregivers of people with dementia face financial hardships

CHICAGO — Many relatives and friends providing financial support or care to people with dementia have dipped into their retirement savings, cut back on spending and sold assets to pay for expenses tied to the disease, according to a survey released Wednesday by the Alzheimer’s Association.

“This was a big shocker for us,” said Keith Fargo, Alzheimer’s Association director of scientific programs and outreach.

The median cost of a home care aide is $20 per hour and the average cost of a semi-private room in a nursing home is $80,300 per year.

Roughly two out of five of the more than 15 million unpaid caregivers in the U.S. have a household income below $50,000, the Alzheimer’s Association says.

[...] even with the government’s help, she still paid for a year of nursing home care, about $800 or $900 per month.