The mostly costly disease to treat is Alzheimer's. A total of one out of every five dollars is currently spent by Medicaid and Medicare to treat the disease.
If the costs are not brought down dramatically, the future of both programs could be in jeopardy. Why? Americans are living longer and longer, which means that more people are or will be in need of Alzheimer's treatment.
If the current trends continue, in the future one out of every three dollars spent by Medicaid and Medicare will go toward treating Alzheimer's, according to FOX News in "Could Alzheimer's really bankrupt Medicare and Medicaid."
Both programs are already extremely expensive and face financial difficulties in the future. With their present funding, they will not be able to afford a large increase in Alzheimer's diagnoses and treatments.
What does this mean?
Research into preventing and curing the disease is more important than ever. The development of new less expensive treatment methods would also be helpful.
This is another of the many ways that an aging population could threaten the country's current institutions and practices, unless action is taken. Our programs were not designed with a substantial increase in longevity in mind.
Other issues include paying for nursing home care, the health of the Social Security system, the availability of home health aides and a cultural change brought on by people having to wait longer to receive their inheritances.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: FOX News (March 1, 2017) "Could Alzheimer's really bankrupt Medicare and Medicaid."