Dementia can have some staggering overall financial impacts. This can be seen in a recent Alzheimer's Disease International-published report on the worldwide economic effects of this mental condition.
The report estimates that, currently, around 46.8 million people from across the globe suffer from dementia and the worldwide total for the societal and economic costs of dementia is around $818 billion annually. The report predicts that both the worldwide occurrence and worldwide costs of dementia will be on the rise in future years. According to estimates from the report, the annual worldwide economic/societal cost of dementia will rise to $1 trillion by 2018 and all the way to $2 trillion by 2030.
Dementia not only has a big global financial impact, but also can have major impacts on the finances of individual families. For example, here in the U.S., the costs of dementia-related long-term care can be substantial and pose some significant financial challenges for dementia sufferers and their family members.
The toll dementia can take on a family is not limited to just financial impacts. A loved one having dementia can be incredibly emotionally difficult for a family. Such a situation can be made even more emotionally tough when disputes arise within a family regarding a loved one's medical decisions or other aspects of their loved one's care.
There are advanced planning measures individuals can take to try to make things easier financially and emotionally on them and their family if they were to eventually develop dementia. One is planning for the possibility of long-term care costs for dementia or other conditions in one's estate planning. Another is forming legal documents, such as power of attorney documents and living wills, that set clear guidelines regarding what is to happen regarding their care and medical decisions if they do develop dementia or other incapacitating conditions. Lawyers can help individuals here in Michigan with these steps and other long-term care planning steps.
Source: CNBC, "Dementia a 'trillion dollar disease' by 2018: Report," Alexandra Gibbs, August 25, 2015