Alzheimer's: a costly disease in more ways than one
There is much written about the impact Alzheimer’s disease has on families, both the individual diagnosed as well as loved ones who provide care for them in the home. But most of the families of the 7 million Americans living with the disease, including 90,800 Coloradans, are unprepared for the financial cost of providing care.
One family-owned Colorado Springs financial planning firm works to combine the economic reality of this progressive, incurable disease with personal insights into the unique challenges it will pose for family members.
“All our employees have at one time or another been a caregiver or had experience with family members who are aging, some with dementia, some without,” said Stacy Osborne, owner of Beneficent. “When families come to us for options for care, we feel their concern in a very real way because we can remember the feelings from our own experiences. It gives us empathy and insight to offer up some solutions that most wouldn’t think about.”
Osborne herself has seen more than her share of Alzheimer’s in her family. Both of her grandmothers passed with the disease. She recently lost her aunt and has power of attorney for her uncle, who has been living with the disease for 13 years.
“The uncertainty around what a person with dementia will need and how long they will live leaves families wringing their hands wondering how they will be able to provide all the necessary care,” she said.
The cost of care
Understanding that each individual living with Alzheimer's or another form of cognitive impairment can require different levels of care, the Alzheimer’s Association did an assessment in 2022 of a broad range of long-term care services include home- and community-based services, assisted living and nursing home care.
Following are several approaches to in-home and assisted living care and approximate associated costs:
- Adult day services: $83 per day
- Home care: A paid non-medical home health aide is $28.64 per hour and $1,145 per week (assuming 40 hours of care per week)
- Assisted living facilities: $4,774 per month or $57,289 per year
- Semi-private room in a nursing home: $276 per day or $100,679 per year
- Private room in a nursing home: $315 per day or $115,007 per year
“We have a strategic plan for how care costs will be paid and bring certainty so that families can focus on care instead of how to pay for it,” said Osborne.
The Beneficent team also focuses on connecting families with the Alzheimer's Association so that they can take advantage of the programs and services offered at no charge that will help them as they navigate the disease journey.
This year, Beneficent is one of the presenting sponsors of the Colorado Springs Walk to End Alzheimer’s, scheduled for Sept. 28 at Memorial Park. To learn more about Alzheimer’s Association services, go to
alz.org or call the Association’s free 24/7 Helpline at 800-272-3900.
Alzheimer's Association
The Alzheimer's Association leads the way to end Alzheimer's and all other dementia — by accelerating global research, driving risk reduction and early detection, and maximizing quality care and support. Our vision is a world without Alzheimer's and all other dementia.™ For more information, visit www.alz.org or call the 24/7 Helpline at 800.272.3900.