Money and dementia are two topics many Americans don't want to talk about. But ignoring the realities of the U.S.'s aging baby boomer population can have dire financial consequences for millions of Americans.
In fact, forgetting to pay bills is one of the earlier signs of dementia, according to a November 2020 study of 81,000 Medicare beneficiaries. Researchers found that people with Alzheimer's disease and related dementias started to develop subprime credit up to six years before a diagnosis.
People have the right to spend their own money how they want, even if they make risky choices because of dementia. However, some experts and advocates say that the financial industry and policymakers could do more to help individuals with cognitive decline protect their wealth.
Ignoring the taboo topics of illness, disability and money can result in serious consequences for many of the 500,000 Americans who are diagnosed with dementia every year. It also creates a greater burden for families and taxpayers.
Sarah Boden, a health and science reporter for 90.5 WESA, is exploring how these issues affect Pennsylvanians with dementia and their families. Therefore, she wants to hear from you. If you're open to sharing your thoughts on financial caregiving with WESA, please fill out this form.
Facts about dementia:
- One in nine Americans aged 65 or older has Alzheimer's disease, the most common form of dementia; that's according to the Alzheimer's Association which finds that two out of three people with the disease are women.
- The National Council on Aging estimates that up to $36.5 billion is lost annually due to the financial abuse of older adults.
- In 2021, memory care costs averaged $6,935 a month, according to the AARP.
- In Pennsylvania, Medicaid only pays for memory care in nursing homes, not assisted living facilities.
This story is part of a reporting fellowship sponsored by the Association of Health Care Journalists and supported by The Commonwealth Fund.
