Time.com has put together a three-part series on dealing with the costs of dementia, and the data is staggering.
Beyond the personal toll of seeing a loved one succumb to the effects of this disease, the financial impact can be just as devastating. According to the article, over the last five years of life, the average out-of-pocket cost of care for dementia patients totaled $61,500—81% more than for people without dementia—according to a study in the Annals of Internal Medicine. Nearly half of the dementia patients ended up on Medicaid, the government healthcare program for impoverished Americans, compared to about 20% of patients suffering from heart disease or cancer.
The series offers guidance on how to address the financial challenges of caring for a parent or spouse with dementia as well as resources to use to diagnose dementia and how to address the financial issues that go along with it.
AAII has also covered aging and its impact on financial decision making, and here are some additional resources:
- Dementia and Financial Decision Making
- Aging and Investing: The Risk of Cognitive Impairment
- Aging’s Adverse Impact on Decision Making
These articles are only a few examples of the many benefits of AAII membership. To learn more, consider a risk-free 30-day Trial AAII Membership to start becoming an effective manager of your own assets.