How Providers Can Mitigate the Financial Burden of Dementia
How Providers Can Mitigate the Financial Burden of Dementia
A new report by the AARP and MIT AgeLab highlights the significant financial toll of dementia, revealing that individuals with cognitive decline can lose half their net worth before diagnosis. The report emphasizes the need for earlier dementia diagnoses and suggests ways senior living providers can help, including educating residents and families about the link between cognitive decline and financial loss, promoting healthy behaviors, and offering fraud prevention workshops.
Research reveals that the median household net worth of older adults significantly declines by more than half during the eight years preceding a dementia diagnosis, as per the report. Even individuals who haven’t received a formal dementia diagnosis were observed making financial errors, such as overpaying bills, donating money to charities, and engaging in other behaviors that don’t necessarily constitute fraud.
“Even though I’ve worked on both issues for decades, I hadn’t seen that tie and the magnitude of the impact — losing half of your net worth in the eight years before being diagnosed,”
The key to successfully mitigating any emergency is preparedness. CHUG members have access to a comprehensive suite of educational workshops that utilize real-life case studies to teach effective responses to emergency situations. This training can be lifesaving.
Not a member yet? Become a member today >