The annual cost of dementia will double over the next 15 years to a staggering £90bn, a report reveals today.
Analysis shows the cost of tackling the disease has already reached £42bn a year.
But the Alzheimer’s Society warns that this figure will skyrocket and that families will be worst affected unless action is taken to improve diagnosis and treatment.
Urges the Government to make dementia a priority so patients can assess their symptoms sooner and receive medication to keep the disease at bay.
This would help families avoid reaching a “costly and avoidable crisis point”, the charity adds.
Almost a million people live with dementia in the UK, but experts believe a third of those affected have not even received a diagnosis yet.
The Alzheimer’s Society has said that dementia is the biggest health and care problem of our time.
Only 1.4 per cent of dementia healthcare costs are spent on diagnosis and treatment, despite the disease accounting for one in ten deaths in Britain.
Meanwhile, families shoulder 63 percent of the cost, much of it providing hundreds of hours of unpaid care each week.
Loved ones are also facing higher heating bills as patients are confined to their homes.
Additionally, they have to pay legal fees associated with powers of attorney and high transportation costs resulting from reduced mobility.
People with dementia can also fall victim to scams, which can deplete their savings.
The Alzheimer’s Society says the costs arise from a combination of population growth, an aging population and projected increases in the cost of care in real terms.
It commissioned consultants Carnall Farrar to carry out one of the UK’s largest studies into the economic impact of dementia. The researchers analyzed the medical records of 26,000 people dating back seven years.
This revealed that the cost of dementia increases as the disease progresses from £29,000 a year for mild cases to £81,000 when it is severe.
The annual cost of dementia will double over the next 15 years to a staggering £90bn, with families shouldering 61 per cent of the cost of caring for their loved ones.
The Alzheimer’s Society has urged the Government to make dementia a priority so that patients can assess their symptoms sooner and receive medication to keep the disease at bay.
Most costs come from social assistance and unpaid care. Around £7 billion a year goes towards dementia-related healthcare costs, including A&E admissions.
The charity says the lack of early diagnosis means families are left to pick up the pieces and leads to catastrophic costs down the line.
Almost a million people live with the condition in the UK, but it is estimated that a third of people affected have not received a diagnosis.
The aging population means the number will increase by 43 percent by 2040, and more people are expected to care for a loved one with the disease.
The Alzheimer’s Society says this is a “major concern” when 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 their job to do so.
Chief executive Kate Lee said: “It is the biggest health and care issue of our time, but it is not the priority it should be among decision makers.”
“The impact of dementia is colossal: on the lives of those it affects, on the health system and on the economy.”
A Department of Health and Social Care spokesperson said: “We are working to identify and treat more people and provide potential new treatments as they become available.”
“We are also doubling funding for dementia research to £160m a year by the end of 2024-25.”
A spokesperson for NHS England said: “Diagnosis rates are the highest they have been in three years, thanks to NHS staff who have worked hard to recover services after the pandemic, when people were less likely to come forward for attention”.