A recent study has highlighted the profound effects dementia has on a person’s finances and the responsibilities it places on their families.
Published in JAMA Internal Medicine, this research shows that within eight years of a dementia diagnosis, individuals experience a significant financial strain and increased dependency on family members.
The study reveals that people with dementia face more than double the out-of-pocket healthcare spending and a staggering 60% reduction in net worth in the first eight years post-diagnosis.
In contrast, individuals of similar age and health without dementia did not experience such drastic financial changes.
A striking aspect of this study is the increased demand for care from family and friends. Within two years of showing symptoms, individuals with dementia required three times more hours of care from family and friends compared to those without dementia.
They were also nearly five times more likely to enter nursing homes, particularly if they had less family support.
The use of paid in-home care, which Medicare often does not fully cover, was significantly higher among people with dementia.
Furthermore, enrollment in Medicaid nearly doubled in the first eight years following a dementia diagnosis, indicating severe financial distress, while it remained unchanged for peers without dementia.
This comprehensive analysis used data from the Health and Retirement Study, which included nearly 2,400 adults with dementia onset and an equal number of matched older adults without dementia.
The team, led by HwaJung Choi, a health economist at the University of Michigan Medical School, employed a technique called propensity score matching to compare these two groups accurately.
The findings underscore the extended and sustained impact of dementia on unpaid caregiving, with an average of 45 hours per month needed for people with dementia, compared to 13 hours for those without, even up to eight years post-diagnosis.
In response to these challenges, new programs from the Centers for Medicare and Medicaid Services are being implemented.
These include clinics being paid to provide caregiver education and a pilot program to improve support and care coordination for caregivers of people with dementia.
The study emphasizes the need for better policy decisions and planning at both the individual and family levels. With 6.7 million Americans currently diagnosed with dementia, and numbers expected to rise, understanding these impacts is crucial.
The research also highlights the importance of family dynamics in the management of dementia. For example, individuals without a spouse or child were more likely to end up in nursing homes, as were those with a disabled spouse and a child living nearby.
In contrast, nursing home residence was less common among those living with a non-disabled spouse or those with both a spouse and child, regardless of the spouse’s disability status.
Choi plans to extend her research to examine the impact of recent healthcare changes and the role of extended family members in dementia care.
This study provides a stark reminder of the significant challenges dementia poses, not just to those diagnosed but also to their families and financial resources.
If you care about dementia, please read studies about low choline intake linked to higher dementia risk, and how eating nuts can affect your cognitive ability.
For more information about brain health, please see recent studies that blueberry supplements may prevent cognitive decline, and results showing higher magnesium intake could help benefit brain health.
The research findings can be found in JAMA Internal Medicine.
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