CHARLESTON, WV, March 14, 2025 – During tax season, the Alzheimer’s Association is encouraging individuals and families to make financial plans that will create some security in preparing for an unexpected crisis of caring for someone with Alzheimer’s or other dementia.
One in nine Americans the age of 65 and older are living with Alzheimer’s disease – that’s nearly seven million Americans across the country and more than 38,000 in West Virginia.
“Tax season is an ideal time to think about how to pay for future Alzheimer’s and dementia care,” said Teresa Morris, program director for the Alzheimer’s Association West Virginia chapter.
“Putting financial plans in place can help families secure their financial future, helping to avoid financial problems, especially those caregivers who have to reduce their work hours or take time off.”
Dementia not only takes a tremendous physical toll on diagnosed individuals, but the costs associated with the disease can be overwhelming and put a huge economical strain on families. Disease-related costs can jeopardize a family’s financial security, and many families and caregivers make enormous personal and financial sacrifices.
According to the Alzheimer’s Association:
– The lifetime cost of Alzheimer’s and dementia to our nation in 2024 was $360 billion. By 2050, these costs are projected to reach $1 trillion.
– In 2022, the lifetime cost of care for a person living with dementia was $392,874.
– On average, Medicare beneficiaries who are 65 and older with Alzheimer’s or another dementia paid $10,289 out of pocket annually for health care and long-term care services not covered by other sources.
– Nearly half (48 percent) of caregivers must cut back on their own expenses – including necessities like food, transportation and medical care – to afford dementia-related care, while others must draw from their own savings or retirement funds.
– Two out of three people incorrectly believe that Medicare helps pay for nursing home care or are unsure whether it does.
To help families navigate these and other financial challenges, the Alzheimer’s Association offers a free online education program, “Managing Money: A Caregiver’s Guide to Finances.”
Tips from the program include:
– Plan early: There are many benefits of planning early when it comes to your finances – both for the caregiver and the person with the disease.
– Start a positive discussion about finances: Bring in trusted family members or close friends for a discussion about what the person with the disease wants for the future.
– Avoid financial abuse and fraud: Individuals living with dementia have a greater risk of becoming victims and may struggle with making good financial decisions.
– Organize your finances: Conduct an inventory of your financial resources (such as savings, insurance, retirement benefits, government aid, VA benefits). A financial planner or an elder care attorney can help.
– Create a backup plan: Designate a trusted back-up agent for the person’s power of attorney and consider designating responsibilities to more than one person.
There are nearly 7 million Americans living with Alzheimer’s dementia, including 38,100 in West Virginia. Those concerned about themselves or a loved one can contact the Alzheimer’s Association West Virginia Chapter at alz.org/wv or 304.343.2717 to schedule a care consultation and be connected to local resources.
