The responsibility of caring for a loved one’s physical, emotional, and mental needs while also tending to his or her financial needs has the potential to be overwhelming. Those providing care for their loved ones who have Alzheimer’s disease or dementia may find comfort in the fact that they’re not alone in their struggle.
According to Alzheimer’s Association (alz.org), approximately 15 million individuals in the United States provide care for those diagnosed with Alzheimer’s disease. This figure comes from the annual Facts and Figures report published by Alzheimer’s Association. Part of the reason for this publication, as identified by the Alzheimer’s Association, is to draw attention to the prevalence of issues related to Alzheimer’s care while simultaneously shed light on the burden Alzheimer’s disease and dementia have on individuals, caregivers, the government, and the national healthcare system. In other words, information in the report includes data that reveals that the financial effects of the disease not only on individuals but on society as a whole.
With regard to the financial effects, according to the report, these 15 million caregivers provide 17 billion hours of unpaid labor at an estimated value of $202 billion annually. With regard to the prevalence of issues, the report sheds light on some seemingly untold aspects of care giving. One such aspect is that while most people understand that caregivers deal with emotional stress, not everyone understands that caregivers also experience a high level of physical stress too. This physical stress often results in higher than average annual healthcare costs for caregivers—an acknowledgement that may make caregivers feel somewhat less alone as they do their best to care for their families.
The information provided by the Alzheimer’s Associate in their annual report shows that the cost of care giving affects not only your loved one but you as well. As such, you’ll want to make sure you’re doing everything within your means to make the best plan possible for the future. In order to protect the assets of both you and your loved one, you should seriously consider reaching out to an elder care attorney as soon as possible. An elder law attorney has the resources and skills necessary to advise you as you seek to reduce potentially wasted assets due to—what otherwise may be considered—Ignorance of the law.
