Reversing Alzheimer's Holiday Crash Course

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Dr. Heather Sandison

Reversing Alzheimer's Holiday Crash Course

Let’s make this holiday season the start of a healthier path for you and your loved one.

Join before 12/3, and start reversing cognitive decline together with us!

Learn More

Reversing Alzheimer's Holiday Crash Course

Join before December 3rd at a reduced price of $595!

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Essential Financial Planning Tips for Alzheimer’s Care

I’d like to share one of my frustrations with you – finances. Juggling my businesses (Solcere, Marama, and Reversing Alzheimer’s) when I just want to be a doctor and continue to help people prevent and reverse cognitive decline frustrates me. I am always saddened when I hear from people who would benefit immensely from living at Marama or participating in my coaching programs. These programs are expensive to run, cost-prohibitive to so many, and programs like Medicare still do not cover long-term care in a nursing home or custodial care. 

That’s why I try to do as many free webinars, podcasts and summits as possible. It’s why I wrote my book Reversing Alzheimer’s. I want as many people as possible to have access to this information. 

📈 But we can’t hide from it. Financial issues go hand-in-hand with Alzheimer’s and dementia. 2024 reports cite these financial statistics related to Alzheimer’s disease and dementia:

  • The lifetime cost of dementia is estimated to be nearly $395,000.
  • Unpaid care for a family member (by more than 11 million Americans) is worth ~$350 billion.
  • Costs of healthcare, long-term care and hospice are projected at $360 billion for 2024. Only 64% of these costs are expected to be covered by Medicare and Medicaid.
  • 25% or $91 billion are estimated to come from out-of-pocket spending. A family spends, on average, more than $10,000 each year to pay the out-of-pocket health and long-term care costs.
  • Median costs reported from 2021 are: a nonmedical home health aide $5,148 per month, adult day services $78 per day, assisted living residence $54,000 per year, and a private room in a nursing home $108,405 per year.
  • In the last 5 years of the life of a person with dementia, family out-of-pocket health care spending totals nearly $87,000 and consumes a third of a family’s wealth.
  • For Black families, these numbers ramp up to more than 80% of the family’s assets in the last 5 years of life.

🫂 Whew, and we haven’t even touched on the impact on the caregivers of those with Alzheimer’s:

  • 48% cut back on their own expenses to cover dementia-related care.
  • 1 in 5 care contributors tap into their retirement savings, 15% have to borrow money, and 1 in 9 cut back on their children’s education.
  • More than 1 in 6 caregivers had to give up their jobs because their caregiving duties became too burdensome.
  • When cutting back to part-time due to their caregiving duties, care contributors lose an average of $15,000 in annual income. 2 out of 5 experience a 20% loss of income. 

Recent studies highlight that for those diagnosed with Alzheimer’s or dementia, financial troubles begin long before the diagnosis. “Decision-making, including on financial matters, can begin to deteriorate long before a diagnosis is made or even suspected. People who are starting to experience cognitive decline may miss payments, make impulsive purchases or put money into risky investments they would not have considered before the disease” stated Swanson in the New York Times.

No matter what stage you or your loved one is at with cognitive decline, it is imperative to be serious about financial planning. The AARP lists steps one can take at early-stage, mid-stage and late-stage Alzheimer’s. It includes specifics such as protecting loved ones from fraud and researching federal, state and local programs.

I’m here for you whatever your budget. I hope that by allowing me to send you emails week after week you can get access to valuable information. This tally of the costs of Alzheimer’s and dementia highlights yet another importance of programs that reverse and prevent these diseases – it will save countless expenses for you, your loved one, your family and society as a whole.  

Warmly,
Dr. Heather Sandison

P.S. – If this email left you feeling frustrated, I understand. Next week, I’ll write about 12 things you can do or share with a loved one to help reverse cognitive decline.

References:

Alzheimer’s Association (2024) Alzheimer’s Disease Facts and Figures

Alzheimer’s Impact Movement (2024) Impact Sheet

Swanson, A. (2024, May 31). Alzheimer’s Disease and Its Impact on Personal Finances. The New York Times.

Greenwood, S. (2022). How to Financially Prepare for Alzheimer’s Disease. AARP.