The Family Costs of Dementia - Part One

Putting someone into a nursing facility has its own issues - emotional and psychological.  These will be explored in Part Two.  

For the purposes of this post, I will be exploring the financial costs of care for the patient suffering from dementia.

In 2013, A RAND (Research And Development) Corporation study estimated the national costs of dementia to between $159 - 215 Billion (The High Cost of Dementia).  Some of that is absorbed in the MediCare system, but for many, the costs come from the pockets of either the afflicted or their immediate families.  

So, what are the costs?  

Let’s say you’re caring for your parent and you know you need assistance, because they can’t possibly be left alone.  So, what are your options?  Daycare and/or In home services.  Services are out there which can provide some respite - for instance, doing light housework, companionship, and other assorted chores (for which you may be too exhausted to tend to yourself).  On average, this will cost approximately $21 an hour (2012 figures) for home care workers, and just slightly less for a homemaker to come in ($20)  (MetLife 2012 Home Care Costs Table).  So, in your budget you might have them come three times a week for 3 hours a time.  That adds up to approximately $360 a month for help.  Of course, there are those who hire these people to come in and work for them while they go to work, and this could be 10 hours a day 5 days a week.  So, that would add up to approximately $4,515 a month (or approximately $54,180 per year) - pretty incredible, right?!  Do the math.  It’s expensive to care for someone and work, as well.  

So, you might opt for Adult Day Care.  The national average for this is approximately $70 per day  (MetLife 2012 Adult Day Care Costs).  “Aha!” you say.  This would be much cheaper than in home care.  Per month, this would cost about $1,540 (or approximately $18,480 per annum) which is much much more affordable.  But the other factors to consider are whether or not your parent can adapt to the locale, if you’re able to come on a moment’s notice in case something happens, and how good the care is at the particular facility (as it must be considered as well as workers, or any other type of placement for your loved one).  

Next, you might have considered Assisted Living.  Many find this a necessary option as they may have to wait for an opening in a particular Memory/Nursing Care facility.  People in Assisted Living can no longer tend to their own needs, and need the extra supervision and help to perform their daily living tasks.   While more expensive than Adult Day Care, it allows for the patient to have their own space while feeling more independent and allows for the family caregiver to breathe a bit more easily.  The cost?  Well, according to the same Metlife survey the cost on a national average is $3,550 per month or approximately $42,600 per year  (MetLife Assisted Living Costs 2012).

Before I turn to Nursing/Memory Care, I would like to also remind the reader that we haven’t yet discussed insurance premiums, MediCare costs, Plan B or any other supplemental plan(s), Doctors, Dentists, or any Pharmacy Costs, which will also need to be added to the costs.  

So, now we need to take a look at Nursing/Memory Care for our parent.  Many facilities have different rules attached to their populations; believe me, there are some who will tell you to find a different placement for your loved one once they reach a certain stage, which will only serve to create more issues for the patient and the family.  However, this is something that needs to be considered when considering a viable placement for your family member.   

I’m not going to be going into different aspects of care, as this post is to outline the costs, on a national average, so you can be aware of what you may be facing.  Are you ready?  Okay.  The national average for nursing care in the United States is $222 per day for a semi-private room (or approximately $81,030 per year), or $248 per day for a private room or approximately $93,184 per year (MetLife 2012 Nursing Home Costs Table). Wow!  .

Keep one thing in mind, though, by hiring an Elder Law Attorney, and having all your papers in order, you might be able to work through the mire and mess of the financial sting to the benefit of the patient.  There are programs which allow patients on MediCare to live in facilities you might assume are beyond yours and your family’s abilities.  

We’ll explore more about these in the near future posts.  

Until then, Happy New Year!.    

Part Two