Health

Eighty percent of dementia victims mismanage their finances, caregivers claim

Eighty percent of dementia victims have at least partially mismanaged their finances, family caregivers said in a new study by RBC Wealth Management.

Mismanagement ranged from unpaid invoices to unusual spending, unopened statements, and repeated phone calls to advisors about the same concerns.

The RBC warns that mistakes can lead to fraud, spoofing, or financial abuse.

Caregivers are encouraged to plan for the transition of financial and legal capacity and to implement it promptly after the family is diagnosed with dementia.

The company calls dementia the most expensive illness in the United States, with lifetime costs often in excess of $ 750,000.

The burden is shared by 83 percent of the caregivers.

Family caregivers who were absent from work reported losing an average of $ 38,000 a year, but family caregivers who retired early to fulfill their responsibilities claimed to have suffered an annual wage loss of $ 35,000.

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In emphasizing the high personal burden, RBC asks caregivers to find out what costs are covered by insurance and balance what they receive financially with what should be paid from the property of their loved ones. I’m urging you to take it.

Emphasizing the burden on households, the author of the report found that the average price of a five-year nursing home stay for an individual with Alzheimer’s disease is compared to the average undergraduate tuition, fees, room and board spending of $ 200,000 at a private university. You must have a four-year degree, which states that you are over $ 450,000.

Anne Senne, head of RBC Advice and Solutions, said saving for families with long-term cognitive decline care is more difficult than college education for children due to the high amount of money required, but most people think about dementia. He says he doesn’t want to talk.

Nearly 11.6 million adults are expected to live with Alzheimer’s disease. By 2040, dementia and other memory problems will be double the number today.

The survey is based on an online poll of 1,000 HNWIs and HNWI caregivers of the current and former HNWIs from November to December 2019.

Nearly nine out of ten caregivers say they are processing or processing financial work for their weak relatives, such as billing and expense tracking. Pay the invoice from your family account. Provide financial support to the family by paying from the caregiver’s personal account. Manage the wealth and investment of dementia victims. And other financial care.

Click Next to view the entire 16-page survey.

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