Are You having Difficulty Managing Your Finances?
Of the 50 million people over age 65 living in the US, 20% have cognitive impairment and 50% of the impaired group have difficulty managing finances. They are at great risk of financial mismanagement.
For them, financial well-being really matters. The costs of long-term care can be substantial and this burden often falls on their adult children. A new study showed that median costs over 2 years were $150,000 to $200,000. The only safety net in the US is the Medicaid program. Most US adults pay out of pocket.
Older adults and their caregivers must try to preserve their wealth. It starts with one simple question.
Adapted from the commentary by Jason Karlawish in JAMA Network Open Geriatrics September 13, 2022.
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