Breaking the Bank How Dementia Diagnosis Wreaks Havoc on a Family’s Finances

Dementia Diagnosis A Financial Burden on Families

By Alan Mozes HealthDay Reporter

Dementia can turn your bank account into an empty swimming pool, taking a 60% dive within eight years of diagnosis, according to a recent study. And that’s not all! Out-of-pocket health care expenses also double during this period. So, if you were hoping to have a fortune, sorry folks, because dementia came to play and it’s not bringing monopoly money.

The study, led by the brilliant HwaJung Choi from the University of Michigan, found a staggering difference in financial status between those with dementia onset and those without. It’s like comparing a high-stakes gambler to a kid playing with Monopoly money. But wait, there’s more! Family members are not excluded from this financial bloodbath. They’re dragged into the whirlpool of care, providing an average of 45 hours of assistance per month compared to a mere 13 hours for those without dementia. It’s like going from babysitting a goldfish to being a full-time nanny for a restless toddler.

To uncover these eye-opening statistics, researchers analyzed data from more than 4,800 seniors. The findings were so shocking that even the researchers themselves were surprised. It’s like stumbling upon a hidden treasure chest filled with gold doubloons while on a walk in the park.

But how does dementia rob pockets and empty bank accounts? Well, one reason is the need for extensive long-term care. Think of it as a never-ending rollercoaster ride, where you have to pay for daily activities like getting dressed, moving around, and attending to personal hygiene. Unfortunately, Medicare doesn’t cover all these costs, leaving patients with no choice but to dig deep into their own pockets. It’s like having a bottomless pit in your backyard that swallows all your hard-earned cash.

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And guess what? That financial waterfall also affects family members who offer care. It’s like a large wave splashing onto the shore, sweeping everyone in its path. Some lucky ones can rely on loved ones for support, but others are left with no option other than living in a nursing home. And let’s not forget the role of Medicaid, which doubles its enrollment in the eight years after a diagnosis. It’s like witnessing a marathon where people sprint to the finish line, but in this case, the finish line is the limit of their financial resources.

So, what can you do to protect your finances from the havoc that dementia wreaks? First, recognize the seriousness of the situation. Many seniors and their families are blissfully unaware of the financial toll that comes with dementia. It’s like being in a psychological thriller movie where the twist is unexpected, but you realize it was hiding in plain sight all along.

And now for some practical advice. Long-term care insurance can be a knight in shining armor, protecting your assets and providing more options for care. It’s like having a superhero by your side, ready to save the day when the villain comes knocking on your door.

But wait, there’s more! Setting up a power of attorney is like having a loyal sidekick who can take charge when you can’t manage your own finances or health care. It’s like having Batman and Robin fighting crime together, ensuring that your financial fortress remains intact.

In conclusion, the impact of dementia on your finances is no joke. It’s a serious matter that demands attention and proactive planning. So, dear readers, take control of your financial future and protect your hard-earned wealth. Don’t let dementia play the villain in your life story. Be the hero who triumphs over financial adversity!

SOURCES:

HwaJung Choi, PhD, research associate professor, Department of Internal Medicine, University of Michigan School of Medicine, and health management and policy, School of Public Health, and faculty associate, Survey Research Center, Institute for Social Research, Ann Arbor; Jing Li, PhD, assistant professor, health economics, University of Washington, Comparative Health Outcomes, Policy and Economics Institute, School of Pharmacy, Seattle; JAMA Internal Medicine, Oct. 16, 2023

QUESTION

One of the first symptoms of Alzheimer’s disease is __________________. See Answer