The costs of health care, long-term care and hospice for individuals with Dementia and Alzheimer’s are enormous. In fact, Alzheimer’s is one of the costliest chronic diseases to society.
Total payments during 2015 for all individuals with Alzheimer’s disease and other dementias are estimated at $226 billion. Medicare and Medicaid are expected to cover $153 billion or 68% of the total health care and long-term care payments for people with Alzheimer’s disease and other dementias. Out of pocket spending is expected to be $44 billion or 19% of total payments.
Given the exponentially increasing costs of dementia care, understanding potential payer sources and options can be extremely beneficial.
Common payment sources include: