Among people who were diagnosed with dementia, health care costs more than doubled within the first eight years, and they also experienced more than a 60% reduction in their net worth.
A great deal of emphasis is placed on the emotional and mental impact of dementia — but a new study from the University of Michigan highlights the financial burden it puts on families as well. Among people who were diagnosed with dementia, out-of-pocket health care costs more than doubled within the first eight years, researchers found. Dementia patients also experienced more than a 60% reduction in their net worth, according to the study findings, which were published in JAMA Internal Medicine.
For those lucky enough to have long-term care insurance policies that can help alleviate those costs, newer policies are more expensive and much more limiting in the help they can provide.' Choi recommends that family members begin discussing care allocations and transitions before the onset of dementia, as it can be more difficult to make these decisions after symptoms have progressed.
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