INDIANAPOLIS (WANE) – As Tax Day nears, the Alzheimer’s Association is encouraging Hoosiers to proactively plan for the financial impact of Alzheimer’s – one of the most expensive diseases in the country.
“After a diagnosis of Alzheimer’s or another dementia, families can feel overwhelmed,” said Stephanie Laskey, program director, Alzheimer’s Association Greater Indiana Chapter. “Understandably, these important issues are often pushed aside, but planning for the future can actually help reduce stress on both the person with the disease and their family members.”
The 2021 Alzheimer’s Association Alzheimer’s Disease Facts and Figures report that:
- In 2020, the lifetime cost of care for a person living with dementia was $373,527.
- Average out-of-pocket costs for health care and long-term care services not covered by Medicare, Medicaid and private insurance exceed $10,000 annually.
- Nearly half (48%) of care contributors must cut back on their own expenses – including basic necessities like food, transportation and medical care – to afford dementia-related care, and 43% cut back on savings.
- Nearly two out of three people incorrectly believe that Medicare helps pay for nursing home care or were unsure whether it does.
The association said about 110,000 Hoosiers are living with Alzheimer’s and another 215,000 family members are serving as unpaid caregivers. To help Hoosiers plan for the future, the Alzheimer’s Association Greater Indiana Chapter is hosting a two-part virtual program on legal and financial planning on April 21 and April 28 at 6 p.m.
Topics covered during the two-part program will include tax deductions and credits, legal documents and what they mean, how to find legal and financial assistance, practical strategies for making a long-term care plan and government programs that can help pay for care.
Registration is free and available here or the Alzheimer’s Association 24/7 Helpline at 800-272-3900.