“At the same time, many survey respondents had misconceptions about what expenses Medicare and Medicaid cover, leaving them unprepared to handle the tremendous costs associated with the disease. Taken together, the results of the survey point to the significant financial burden placed on families because their friend or family member with Alzheimer's disease or another dementia can no longer afford to take care of themselves.”

The report also offers an estimate of the national toll taken by the disease. Among the highlights of the report:

• In 2015, 15.9 million family and friends provided 18.1 billion hours of unpaid care to those with Alzheimer's and other dementias. That care had an estimated economic value of $221.3 billion;

• 41 percent of caregivers have a household income of $50,000 or less.

• On average, care contributors lose over $15,000 in annual income as a result of reducing or quitting work to meet the demands of caregiving;

• In 2016, total payments for health care, long-term care and hospice are estimated to be $236 billion for people with Alzheimer's and other dementias, with just under half of the costs borne by Medicare;

• Medicare and Medicaid are expected to cover $160 billion, or 68 percent, of the total health care and long-term care payments for people with Alzheimer's disease and other dementias;

• Nearly one in every five Medicare dollars is spent on people with Alzheimer's and other dementias. In 2050, it will be one in every three dollars.

The report notes that Alzheimer’s is claiming more victims every year, with little hope for a cure or even effective treatments in sight. The cost will only continue to grow exponentially, pushing more families to the brink of financial collapse and placing huge pressure on Medicare as it becomes an ever larger consumer of Medicare dollars.

“Unless something is done, in 2050, Alzheimer's is projected to cost more than $1 trillion (in 2016 dollars),” the report said. “Costs to Medicare will increase 360 percent. This dramatic rise includes a nearly five-fold increase in government spending under Medicare and Medicaid and a nearly five-fold increase in out-of pocket spending.”