Caring for a loved one with Alzheimer’s disease presents significant emotional and financial challenges. Understanding the associated costs and exploring financial support options, such as the Alzheimer’s Disease Rider offered by National Life Group, can help families manage these burdens more effectively.

Costs Associated with Alzheimer’s Care

Alzheimer’s disease is a progressive neurological disorder that impairs memory and cognitive function, eventually necessitating comprehensive care. The costs associated with this care can be substantial and vary based on the level of assistance required and the care setting.

  1. In-Home Care: Many families opt to care for their loved ones at home, which can involve hiring professional caregivers. The national median cost for a home health aide is approximately $33 per hour, translating to about $7,000 per month for 40 hours of care per week. WSJ
  2. Adult Day Care Services: These programs provide social and health services during the day, allowing caregivers to work or attend to other responsibilities. The average cost is around $1,625 per month. Care.com
  3. Assisted Living Facilities with Memory Care: Specialized memory care units within assisted living facilities offer structured environments tailored to individuals with Alzheimer’s. The national average cost for memory care is approximately $6,160 per month, which is about 25% higher than standard assisted living costs. Dementia Care Central
  4. Nursing Homes: For advanced stages of Alzheimer’s, nursing homes provide 24-hour skilled care. The national average cost for a shared room in a nursing home is about $9,733 per month. Merrill Connect

These expenses can quickly deplete personal savings, underscoring the importance of financial planning and support mechanisms.

National Life Group’s Alzheimer’s Disease Rider

To assist families in managing the financial impact of Alzheimer’s care, National Life Group offers an Alzheimer’s Disease Rider as part of their life insurance policies. This rider allows policyholders to access a portion of their death benefit upon a qualifying diagnosis of Alzheimer’s disease or Lewy Body Dementia.

National Life Group

Key Features of the Alzheimer’s Disease Rider:

It’s important to note that accessing accelerated benefits will reduce the overall death benefit available to beneficiaries. Additionally, the availability and specifics of the Alzheimer’s Disease Rider may vary by state and policy type. Consulting with a National Life Group representative can provide personalized information tailored to individual needs.

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Conclusion

The financial implications of Alzheimer’s disease care are significant, but options like National Life Group’s Alzheimer’s Disease Rider offer valuable support. By incorporating such riders into a comprehensive financial plan, families can alleviate some of the economic pressures associated with Alzheimer’s care, allowing them to focus more on their loved ones’ well-being.