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Treatment costs of Alzheimer's attacking family finances

11/28/11

Experts recently determined that the number of Alzheimer's patients is expected to increase over the next several years, which may put a strain on the finances of families.

According to researchers quoted in an Atlanta Journal-Constitution article, 5.4 million Americans are currently living with Alzheimer's disease and more than 10 million baby boomers are expected to develop the disease in the upcoming years.

The prevalence of the disease is causing many families to plan for treatment instead of retirement, but qualifying for Medicaid can present a problem.

“The only way to qualify for Medicaid is to spend virtually all the assets they have," Kevin M. Lynch, a certified financial planner, said to the Atlanta Journal-Constitution. “It really presents a challenge for most middle income Americans.”

The Alzheimer's Association estimates the average lifetime cost of care for an Alzheimer's patient to be $174,000, which is expected to increase over time along with the total cost of healthcare, long-term care and hospice.

November is Alzheimer's Awareness Month, which aims to educate people about the disease so they can prepare for the future. Life insurance is recommended by many experts as a way to prepare for unexpected health issues.

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