Tips to Help Families Facing Alzheimer’s Plan for Financial Impact


Tips to Help Families Facing Alzheimer’s Plan for Financial Impact


As Tax Day nears, the Alzheimer’s Association is encouraging families to take a closer look at their financial picture, especially those who may be impacted by Alzheimer’s or other forms of dementia. With nearly 7 million Americans aged 65 and older living with Alzheimer’s disease, the financial toll is growing right alongside the health burden.


The costs associated with Alzheimer’s care can be staggering and, for many families, financially devastating. According to the Alzheimer’s Association’s 2024 Alzheimer’s Disease Facts and Figures report, the total lifetime cost of care for a person living with dementia is estimated at nearly $400,000 ($394,683). Shockingly, families are bearing the brunt of these expenses, with 70% of that cost falling on unpaid caregivers and out-of-pocket spending.


“These costs can put a family’s financial future at risk,” said officials from the Alzheimer’s Association. “Many caregivers make enormous personal sacrifices—cutting back on their own expenses, dipping into savings, or even forgoing medical care themselves to support a loved one with dementia.”

Key findings from the 2024 report include:

•    Dementia caregivers face nearly twice the out-of-pocket expenses as caregivers of people without dementia.

•    Almost half (48%) of care contributors reduce their own spending on essentials like food, transportation, or health care.

•    More than half of adults (51%) either wrongly believe Medicare covers nursing home care or are unsure if it does—highlighting a major gap in financial awareness and preparedness.


To help families plan ahead, the Alzheimer’s Association offers a free, online education program: Managing Money: A Caregiver’s Guide to Finances. The course helps caregivers learn how to build a financial plan, avoid financial abuse, and start difficult but necessary conversations about money.

“As we prepare our taxes, it’s a smart time to also review long-term care planning,” the Association noted. “Proactively understanding your options can ease the burden later.” For more information or to access the free financial education program, visit www.alz.org.


Lionell Martin, Alzheimer’s Association Illinois Chapter, Phone: 773.593.4211

Email: lrmartin@alz.org

About the Alzheimer’s Association Illinois Chapter

The Alzheimer’s Association offers a 24/7 Helpline (800-272-3900) that is available 365 days a year. Specialists and master’s-level clinicians provide confidential support and information to individuals living with dementia, caregivers, families, and the public.


Latest Stories

Latest Podcast

STARR Community Services International, Inc.