Americans who care for a parent with Alzheimer’s disease or another memory disorder bear not only emotional burdens but also a stealthily high financial burden, according to the findings of a new survey of caregivers. This is especially so for women.
The lifetime cost of dementia care can exceed $750,000 in direct and indirect expenses, making it financially devastating for many, according to the research by RBC Wealth Management and Aon. The survey of 1,000 affluent and high-net-worth cognitive-decline caregivers in the U.S. also found that making financial sacrifices, such as reducing work hours or leaving the workforce entirely, can disrupt women’s careers and cost them about $35,000 in annual income.
Caregivers also see an outlay of money each month to support daily expenses or other needs of the patient, totaling nearly $750 a month on average. By the time someone reaches a severe decline, monthly contributions