Estimated costs of treating Americans diagnosed with Alzheimer’s care has reached $259 billion. This extreme cost of care is cause for concern, according to Matthew Baumgart senior director of public policy with the Alzheimer’s Association. In an interview with Forbes, he stated: “It’s going to bankrupt Medicare if we don’t do something about it.”
Of the $259 billion in healthcare costs, Medicare and Medicaid cover approximately 2/3 of costs or $175 billion. The costs to Medicare are particularly alarming, a beneficiary without Alzheimer’s costs about $7,223 while a beneficiary with a dementia costs $23,487.
While there is hope that shifts from fee-for-service medicine to better upfront care could help manage Alzheimer’s and other chronic conditions, there is still concern due to an aging workforce. Clearly, it is a very risky bet to rely on the state or your employer to take care of you. Meet with a qualified estate planning attorney and make sure you are able to cover the costs of your care as you age.