Visi Money
A new study has highlighted the financial burden that dementia places on older adults and their families. Researchers from Georgia State University, the University of Washington, and the University of California found that adults with dementia in residential facilities spent 97% of their monthly income on long-term care, while those in nursing homes spent 83% of their monthly income. The study also found that regardless of their residential status, more than three-quarters of people with dementia hired helpers to assist with daily living activities, and over half paid an average of $1,000 per month for these services. The researchers emphasized the need for increased funding for home- and community-based care to relieve the financial burden on older adults with dementia. The study’s findings have important policy implications as the percentage of older Americans is expected to rise significantly in the coming years.
The study offers important insights into the considerable financial strain faced by individuals with dementia and their families. It is the first to compare out-of-pocket expenses for individuals with dementia based on their care setting. The researchers found that the costs of long-term care for individuals with dementia are so high that they can consume almost all of their monthly income. This highlights the need for increased funding for home- and community-based care as a way to reduce the financial burden placed on older adults with dementia. The study’s findings are particularly relevant in light of the projected increase in the number of older Americans in the coming years.
