Over the past ten years more and more Americans are being diagnosed with Alzheimer’s and other dementia related disorders. As the disease takes a toll on families and their loved ones, it also has greatly impacted the assisted living industry. With an estimated 5.2 million Americans battling Alzheimer’s in the current year, the total cost to the American society will estimate $203 billion. That amount is expected to rise to $1.2 trillion by the year 2050.
In 2011, the average cost for an assisted living facility was $3,550 per month ($42,600 per year). Of these assisted livings, 72% provided care to seniors with Alzheimer’s and dementias. Some facilities specialize in memory care and they average $4,807 per month ($57,684 per year). Even with all the financial assistance available, people with Alzheimer’s still incur higher out of pocket costs compared to general assisted living services. Nearly 30% of people with Alzheimer’s are on both Medicare and Medicaid as compared to the 11% who don’t have the disease. Average Medicare per-person costs tend to be three times higher for Alzheimer’s seniors and nineteen times higher for Medicaid. Many Alzheimer’s assisted living facilities do not take Medicaid or Medicare, thus resulting in higher out of pocket costs for families.
With a growing Alzheimer’s population comes a growing assisted living facility market. The wonderful part for families who battle Alzheimer’s is that there are more and more options of care for their loved ones. Whether it is at home one on one care or specialized Alzheimer’s assisted livings, those who suffer from this terrible disease now have the option to be cared for in the best possible way.
Information Found On: http://www.alz.org/alzheimers_disease_facts_and_figures.asp#cost