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The Financial Impact of Caring for Those with Dementia

| June 13, 2023

Caring about the health and welfare of loved ones is a daily occurrence for all of us. But as you may already know, caring for someone with dementia can be challenging and emotionally draining. And what is often overlooked is the significant financial burden that caregivers face.

According to a 2022 study, the lifetime cost of caring for someone with dementia is over $375,000.* Beyond that staggering figure, you have to factor in lost wages and benefits often incurred by the caregiver, and sometimes even increased healthcare costs for caregivers (due to stress and fatigue).

Caring for someone living with dementia is a generous act of love, but it can be overwhelming at times. Financial considerations can seem secondary when your primary concern is providing quality care to a loved one. Still, having a stable financial foundation is critical for administering the care the person deserves. That’s why it’s so important to work with a financial professional to build a strategy to address the needs of all involved parties. The ultimate goal is to help your loved one live in a comfortable and dignified manner, but also to alleviate the stress and worries of those who love them.

This informative and in-depth guide from Transamerica includes important considerations, questions to ask, checklists, helpful resources, and much more. Download it and share it with all those who might be interested. Then, once you’ve read it and written down your own list of concerns, give us a call. We’re passionate about helping those facing this difficult situation and would be happy to discuss a unique plan for addressing these challenges.

*See attached document for statistics and sources.