In this series of blogs, I will discuss a debilitating condition that many Americans eventually face as they age: dementia.
This is the third of three blogs on this important topic. I hope you find it helpful.
Cost to the Nation
As a nation we have begun to recognize the devastation that dementia has caused and will continue to cause. Organizations such as the Alzheimer’s Association have been effective in lobbying for monies to be put towards the research of dementia treatment, prevention and reversal. The cost of dementia to our nation has been a great motivator for politicians to fund such research.
A study conducted by RAND Corporation in 2013, estimated the national cost of dementia to be between $159 billion to $215 billion (including an estimate for the monetary value of informal care provided). The majority of the costs associated with dementia are for institutional and home-based long-term care and not medical services.
Medicare and Medicaid pay for some of this cost, which amounts to a taxpayer burden. According to the Alzheimer’s Association March 2013 Fact Sheet, in 2013 it is estimated that Medicare and Medicaid paid approximately $142 billion in caring for those with Alzheimer’s or other type of dementia.
It is clearly in the best interest of the nation’s economy to continue research on prevention, treatment and reversal of dementia.
The costs of dementia can be devastating to the affected individual, their family and the nation. While scientists continue to search for solutions to the debilitating condition, the families affected with it must face its challenges. It is recommended that those families seek emotional support by way of a therapist or support group. In addition, seeking out an Elder Law attorney can benefit the affected individual and family members in several ways. Elder law attorneys can guide families to important resources available for the financial and other challenges they will face. Elder law attorneys can also ensure that the family’s assets are being used in the most efficient manner considering other available resources and the family’s individual goals.
Getting an Elder Law attorney involved in planning for the challenges ahead is one of the MOST important steps a family facing the impact of dementia will take. If you or someone you know is affected by dementia, we can help and we welcome the opportunity to do so.