At approximately $174,000, the average lifetime cost for senior Alzheimer’s care, the disease can take a toll on the finances of seniors and their families. There are two major aspects of Alzheimer’s and finances that seniors and their families need to consider; advance financial planning, to prepare for a stage when the senior may be unable to be involved in their own financial decisions; and understanding the costs associated with Alzheimer’s care.

Elderly costs for Alzheimer’s care do vary dependent upon the progression of the disease; but can average around $18,000 per year for early Alzheimer’s care, $30,000 for a senior with moderate Alzheimer’s symptoms and $36,000 during the latter stages of Alzheimer’s disease. 75% of the costs incurred are due to Alzheimer’s care required in the home, while the other 25% of average Alzheimer’s costs relate directly to health care. Since costs of Alzheimer’s care are so significant, often seniors are unable to support the costs self-sufficiently, and family caregivers may become responsible for medical and care costs.

Seniors who suffer from Alzheimer’s, may also become physically and mentally unable to manage their finances self-sufficiently, so during the early stages of Alzheimer’s disease it’s important for seniors to establish a living will, appoint a Power of Attorney, and ensure that all bills and financial documents are consolidated.

With appropriate planning and consideration of the costs implications of Alzheimer’s, seniors and their families can put greater emphasis upon health over finance.

Sources:

1. Alzheimer’s Association

2. About.com

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