Investor Column | The cost of two terrible killers: dementia and Alzheimer’s
You may have forgotten to take out the garbage last week. When you forget to do many things and common things, like brushing your teeth, there may be problems ahead.
As one ages, our cognitive functions can decrease either as a result of normal, healthy aging, or diseases by the general name of dementia. Dementia itself is not a disease, but a term used to describe symptoms. The symptoms can lead to death.
Scientists think the problem is the wiring in the brain starts to go haywire with an abnormal build up in the brain of amyloid, tau, and other items. It may be seen on brain scans.
It is important to understand mental cognitive issues, be able to spot the signs, learn how to best deal with these issues, and consider consulting a specialist in the field. Note that Alzheimer’s disease is not a normal part of aging, but can develop at any age.
Some symptoms of diminished cognitive functions can include difficulty in performing menial tasks, deteriorating communication skills, poor judgment, misplacing personal items, changes in mood or personality, required repetition, minimal attention, and many others.
Alzheimer’s disease is the most challenging of the dementias. The mission of the Alzheimer’s Foundation of America (AFA) is to provide support, services, and education to individuals, families and caregivers affected by Alzheimer’s disease and related dementias nationwide.
Their website is www.alzfdn.org. Alzheimer’s is named after Dr. Alois Alzheimer. In 1906, he noticed changes in the brain tissue of a woman who had died of an unusual mental illness.
More than 5 million Americans are currently living with Alzheimer’s disease. The end-stage life expectancy is about 8-12 years after initial diagnosis. It might reach 13 million or more by 2050 because of the aging of the population.
Someday there may be a blood or other tests for diagnosis. Current drugs may ease symptoms. After death, there could be an autopsy, if appropriate.
Dementia and Alzheimer’s are terrible killers. They can rob your brain of proper functioning, affect your life style, take your money, and give heartache to your family and friends.
My primary physician noted that many with Alzheimer’s patients are in a mental state of “happy land,” unaware of their surroundings and may act/react as juveniles. Those in “sad land” are the caregivers who are servicing these patients, which is very stressful and can be expensive.
At www.longtermcare.gov, an estimate of cost for residence in a nursing home facility in 2020 for a semi-private room in Florida is about $8,000 per month, or about $96,000 annually. The usual nursing home stay is 2 ½ to 3 years. That is a total estimated expense of about $240,000.
Not for 12 years but just for eight years of Alzheimer’s care, the estimated expense in an Alzheimer’s facility is about $768,000 per person.
It is possible for care at home. However, family care giving is a challenging job and the patient is sometimes isolated from the world. Even at a low estimate of $20 per hour for unskilled help 24/7, that works out to about $175,000 annually. For eight years, the numbers are challenging.
Sadly, there are many published incidents of nursing homes and home-health care providers giving patients unnecessary antipsychotic drugs.
Sedating patients using drugs is a way to control them during their average stay of 2 ½ to 3 years in a nursing home or 8 years or more with Alzheimer’s patients in a facility or at home.
There are several financing options available. Long-term-care coverage may be available and may also be obtained as a rider on select annuities and life insurance policies. Ask your financial advisor about the details. This should be done early in life.
A possible solution both financially and emotionally is a facility for nursing or Alzheimer’s that allows for socializing. Visit the patient regularly, review the bills, and verify the patient is being cared for properly. If not, speak up.
Some Alzheimer’s facilities use activities, like games and puzzles, to engage patients. It seems to alleviate some agitation and aggression. It re-engages people to feel part of their environment and to derive meaning and purpose.
Since the patient is probably not the best person to manage money, someone else should do it. You also must carefully select anyone who is dealing with the patient’s money.
You may want to consult an estate planning or elder law attorney. There are several documents that may help, but don’t wait until it’s too late. We’re not getting any younger.
Jim Zientara is a Financial Planner with Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment Advisory Services are offered through Raymond James Financial Services Advisors, Inc. He can be reached at 941-750-6818 or at www.raymondjames.com/jz with office at 11009 Gatewood Drive, Suite 101, Lakewood Ranch 34211. Any opinions are those of Jim Zientara and not necessarily those of Raymond James. This material is being provided for information purposes only, and is not a complete description, nor is it specific investment advice. Consult a financial advisor about your unique situation. Raymond James Financial Services and its advisors do not provide advice on legal issues or tax matters.
