New research indicates that in the years leading up to an official dementia diagnosis, older individuals tend to lose a significant amount of money.
There are a number of reasons why this could happen. Some have hypothesized that this population is at a higher risk of falling victim to fraudulent activity. This certainly could be a possibility; there’s a reason why criminals target older folks after all. People with compromised cognitive abilities are more likely to fall victim to fraud than others are. There’s also evidence that those in the early stages of dementia are less likely to think through purchases and be less vigilant with their financial situation.
People with dementia also are likely to need more medical care. Mounting financial burdens because of doctors, evaluations, and other care related costs can play a large role here, too.
Whatever the reasons might be, researchers found that in the eight years leading up to a dementia diagnosis, the average American in this situation lost about half of their overall wealth.
Unfortunately, this is the time where finances become most important. Paying for senior care and medical costs becomes a necessity. However, this is also the time of life where generating more money becomes almost impossible. Most people are retired at this age and living on a fixed income. Dementia on top of this makes it very difficult to get a job or earn money if it becomes a necessity. Instead of saving and preparing for expenses, those who are most at risk tend to be losing money more quickly than the average individual.
Yes, there are programs out there that are designed to assist seniors. Social Security payments, Medicare and Medicaid, VA programs, and more are safeguards that our society has put in place to protect seniors to ensure that basic needs are met as they age. However, even with these things in place, there are always ways that access to high quality care can be compromised.
This research comes from the University of Washington in Seattle. They published their findings in JAMA Neurology. Hopefully, this research helps to raise awareness about the issues that those with dementia face on a day to day basis.
Because dementia goes well beyond devastating someone’s finances. It is detrimental to all other aspects of health, including physical, cognitive, emotional, and social. It can strain relationships, make access to medical attention more difficult, and put someone in unsafe situations that never would have been a possibility before.
This is why getting connected to the right help is so important for someone with Alzheimer’s or another form of dementia. Without this assistance, there’s a chance that they can be put at risk. Oftentimes, family care is more than adequate for helping someone in this situation. But the average family member can only do so much. Not everyone is trained when it comes to senior care, let alone the nuances needed to safely and effectively practice memory care.
If you have questions about how in-home care can support your loved one with dementia, please get in touch. One of our trained professionals would be happy to answer your questions and get you pointed in the right direction.
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