Every day another Minnesota family learns that a loved one has Alzheimer's disease or other chronic illness or physical disability that requires long-term care. While the wealthiest households can pay for this care privately without spending into poverty, most middle-class Minnesotans experience substantial strain on their finances and overall lives as they try to cobble together caregiving help via family or friends.
Many people do an exhausting balance trying to do their full-time job and provide care to a loved one, or they leave the workforce altogether, losing income and retirement savings. This "caregiver penalty" is especially hard on women trying to save for retirement.
Often families hit their breaking point before turning to professional care services. While such services provide essential help, they cost money. Purchasing that long-term care can (think of the person who lives with Alzheimer's for 5, 10, 15 or 20 or more years) quickly deplete one's finances if they're not prepared. And most of us aren't. Why? We don't have the right financial tools. This is care that is not covered by Medicare or the health insurance sold on the MNSure Health Exchange. These are out-of-pocket-care-costs.
Some say this is a national issue. Unfortunately, it has been studied, talked about, looked at, debated and moved nowhere on Capitol Hill for years. The most recent effort was The Commission on Long-Term Care, whose members were appointed by Congress and The President. Commission members took testimony, talked about the problem, but again, no solution. Based on current events, and decades of inertia on this issue, do you think that Washington, D.C., will come together on this to create the solution?
The Costs of Alzheimer's and Related Dementias
We can't wait. Take Alzheimer's and related dementias alone:
As more and more Minnesotans live with Alzheimer's disease and other dementias, the costs and challenges can be overwhelming for them, their families, our communities and our state. Some interesting facts from Alzheimer's Association and Minnesota's Act on Alzheimer's:
- Care costs for Americans age 65 and older with Alzheimer's disease and other dementias are projected to increase from $203 billion in 2013 to $1.2 trillion by 2050 (in 2013 dollars).
- Many individuals with Alzheimer's live alone and are at greater risk for inadequate self-care, malnutrition, untreated medical conditions, falls, wandering and accidental deaths.
- Nearly 250,000 Minnesotans care for family members with Alzheimer's disease. These caregivers provide 277 million hours of unpaid care, valued at $3.4 billion yearly.
- The physical and emotional impact on caregivers results in nearly $9 billion in increased health care costs annually, including $157 million for Minnesota caregivers.
This Must Be Solved. Minnesota Can Show the Way.
Thankfully, there are many people with good minds and hearts that live in Minnesota. And this could very well be the place that a solution(s) comes forth. As Sen. David Durenberger – who teed this issue up in Congress when it wasn't in absolute gridlock - recently wrote:
