The annual cost of dementia is expected to double over the next 15 years to an astonishing £90 billion, a report shows today.
Analysis shows the cost of tackling the disease is already £42 billion a year.
But the Alzheimer’s Society warns this will increase further, with families bearing the brunt unless action is taken to improve diagnoses and treatment.
It is urging the government to make dementia a priority so patients can have their symptoms assessed earlier and receive medication to keep the disease at bay.
This would help families avoid reaching a ‘costly, avoidable crisis point’, the charity added.
Nearly a million people in Britain suffer from dementia, but experts believe a third of those affected have not even been diagnosed
The Alzheimer’s Society has said that dementia is the biggest health and care problem of our time
Only 1.4 percent of dementia healthcare costs are spent on diagnosis and treatment, despite the condition accounting for one in 10 deaths in the UK.
Meanwhile, families bear 63 percent of the costs, largely by providing hundreds of hours of unpaid care each week.
Family members are also facing higher heating costs because patients are confined to their homes.
In addition, they have to pay legal fees related to powers of attorney and high transportation costs due to reduced mobility.
People with dementia can also fall victim to scams, which can deplete their savings.
The Alzheimer’s Society says the costs come from a combination of population growth, an aging population and expected increases in real healthcare costs.
It commissioned consultants Carnall Farrar to conduct one of the UK’s largest studies into the economic impact of dementia. Researchers analyzed the medical records of 26,000 people who were seven years old.
It found that the cost of dementia increases as the disease progresses from £29,000 a year for mild cases to £81,000 if the disease is severe.
The annual cost of dementia is expected to double over the next fifteen years to a staggering £90 billion, with families accounting for 61 percent of the cost of caring for their loved ones.
The Alzheimer’s Society has urged the government to make dementia a priority so patients can have their symptoms assessed earlier and receive medication to keep the disease at bay
Most costs come from social care and unpaid care. Around £7 billion a year goes on dementia-related healthcare costs, including emergency admissions.
The charity says the lack of early diagnosis means families are left picking up the pieces, leading to catastrophic costs later.
Nearly a million people in Britain live with the condition, but it is estimated that a third of affected people have not been diagnosed.
An aging population means this number will increase by 43 percent by 2040, with more and more people expected to be caring for a loved one with the disease.
The Alzheimer’s Society says this is a ‘major concern’ as a third of unpaid carers already spend more than 100 hours a week caring for a loved one and 16 per cent have had to leave work to do so.
CEO Kate Lee said: ‘It is the biggest health and care problem of our time, yet it is not the priority it should be among decision makers.
‘The impact of dementia is enormous – on the lives of those affected, on the healthcare system and on the economy.’
A Department of Health and Social Care spokesperson said: ‘We are working to identify and treat more people and offer potential new treatments as they become available.
‘We are also doubling funding for dementia research to £160 million per year by the end of 2024-2025.’
An NHS England spokesperson said: ‘Diagnosis rates are the highest in three years, thanks to NHS staff, who worked hard to restore services after the pandemic, when people were less likely to present for care.’