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Dementia Costly On Many Fronts

Caring for an elderly loved one can be emotionally and financially exhausting no matter the circumstances. For those with loved ones with dementia, the costs of care can be even more taxing. From the financial costs of care and potential lost income to the emotional toll caring for someone with dementia can take, the journey is not an easy one.

Financial challenges

The costs of professional care for a family member with dementia can be overwhelming, especially considering that many dementia patients require care over a long period of time. In 2016, average costs ranged from $1,517 a month for adult day care to $8,121 per month for a private room in a nursing home. Those attempting to sidestep those costs by providing in-care home often lost income from missed work, reduced hours or reduced Social Security or retirement benefits. So how do families pay for these costs? Medicare doesn't cover nursing home care. Medicaid does, but you have to have spent almost all your money to qualify for the program. Long-term care insurance can provide help--if you have it. But the insurance is pricey and not everybody has it.

Emotional toll

Caregivers of dementia patients can easily face burnout. Caretaking is a nonstop job, and it doesn't get easier as time goes on. Feelings of guilt and defeat are common, as are anger and resentment. Compounding this is worries about money, if caregivers have to take time off of work, or face reduced hours in order to care for the loved one with dementia.

Enter an elder law attorney

One of the best things you can do as a caregiver of a person with dementia is to prepare well. This means knowing all your options for paying for care, and knowing what strategy would work best for you and your family's situation. Caring for a loved one with dementia is challenging, but it need not entirely drain your finances and emotions to the breaking point. Talk to us so we can help you on a path to a more sustainable journey with your loved one.

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  • Richard P. Johnson is Board certified Texas Board of Legal Specialization Estate Planning And Probate
  • Wealth Counsel
  • The College of the State Bar Of Texas Professionalism Through Education
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