INDIANAPOLIS — Dementia is considered one of the most expensive diseases to care for in America.
It's why the Alzheimer's Association Greater Indiana Chapter is offering families help with a new virtual financial program taking place Tuesday.
Dr. Tony Dickerson, a former caregiver for her mom, knows the financial impact this disease has on families. She said she had to change jobs and take a financial hit in order to help manage her mom's care.
“She came to live with me in Kansas City, Missouri, in 2005. I started noticing the telltale signs of forgetting and repeating herself,” said Dickerson.
Signs of dementia.
Those health concerns began to grow after her mom was diagnosed with kidney disease.
“Because she had dementia, she would pull the needles out of her fistula, so she could not go to dialysis by herself. She also couldn’t be in a home by herself, and that was an expense,” said Dickerson.
Expenses began to grow. Dickerson said she moved back to Indiana and took a lower-paying job to help manage her mom’s care.
“What happens with every one of us who takes on the role of being a caretaker is we are just living through it. We don’t know to think about these things. My mother could not have afforded to have lived on her own with her social security check, so I was really blessed to be financially able to,” said Dickerson.
Dickerson said her mom passed away on March 1, 2019.
Studies show the cost of caring for someone with dementia averages nearly $400,000 over their lifetime, with 70% percent of that cost coming from family caregivers.
"It has a devastating financial impact in many cases," said Laura Forbes of the Alzheimer's Association. "This is really designed to help families to have a conversation and be prepared for that impact as much as possible and as early as possible."
Forbes said the virtual one-day program will cover a range of topics, including the benefits of early financial planning, facts about the financial impact of Alzheimer’s and other dementia, tips for managing someone else’s finances and common signs that a person is struggling to manage money.
Attendees will also learn how to avoid financial abuse and fraud, and hear tips on planning for the cost of care, including in-home health, adult day services and residential care.
Forbes said it’s important to be prepared.
“It can be difficult. Some people put things like this off because it’s uncomfortable or because they just don’t want to deal with it, but that can really add to stress and so we really emphasize people start these conversations early and that way they can involve the person with dementia because again, as the disease progresses, they’re not going to be able to do that,” said Forbes.
“Money Matters” will be offered Tuesday, April 19 from 11:00 a.m. to noon and will feature a special guest from Edward Jones.
Registration for the Money Matters financial program is free and available at alz.org/indiana/programs or by calling the Alzheimer’s Association 24/7 Helpline at 800-272-3900.
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