The high cost of forgetting
The hidden costs of Alzheimer’s Disease are always surprising. As Alzheimer’s patients feel the worsening effects of this disease, there are obvious medical and housing costs involved. Everyone knows this. People don’t often talk about the underlying emotional costs to the patient, family, and caregivers. And emotional stress always translates into financial need. Whether it be counseling, lost income from lost work time, or added insurance costs, the price of Alzheimer’s Disease is always more than we expect.
Another hidden cost has to do with memory loss. Patients forget spending money or paying bills. In extreme cases. Alzheimer’s patients give money away or hoard it and forget their hiding places. It is astonishing how much money a family can lose when they don’t realize a loved one’s dementia is getting out of control.
Recently the National Alzheimer’s Society of Canada commissioned a study on the financial impact of dementia. As in the United States, Canada is bracing for an onslaught of Alzheimer’s patients in the next two decades. They found that the cost of Dementia is currently running about $15 billion dollars a year. By 2038, this cost will rise to $153 billion unless drastic steps are taken.
In a study commissioned by the national Alzheimer Society, Rising Tide: The Impact of Dementia on Canadian Society, it was found that over 500,000 Canadians have dementia, 1 in 11 people over the age of 65. According to the study, within a generation, the number of Canadians living with dementia will more than double, reaching approximately 1.1 million.
Using risk assessment evaluation framework created by Risk Analytica, progressing from statistics in 2008, estimations were made decade by decade to the year 2038.
What needs to happen? A number of things are critical:
- Families must watch for signs of dementia and get their loved ones into treatment as soon as possible. Not only can treatment help dementia, just knowing that a loved one is losing touch with reality can save a family thousands of dollars.
- Society is going to have to plan for increased treatment facilities of all kinds.
- Additional research is needed to help us find medications that can slow down the effects of dementia.
The important thing is awareness. And awareness starts with you.
Gordon Atkinson for Alzcare Inc of New Braunfels.
Alzcare provides treatment for Alzheimer’s patients in carefully designed facilities that are renovated homes. Alzheimer’s facilities that care for our friends in tender, personal, caring environments.
