Biden Pushing for Alzheimer's Breakthrough
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President Biden calls for an increase in Alzheimer's research funding to help find a cure or treatment for the disease. Even with treatment, long-term care costs will continue to affect many American families.
President Biden, in a speech at Cuyahoga Community College in Cleveland, Ohio, says cures and treatment for diseases like Alzheimer's can be developed in the same way the government helped create the internet.
The President said he is pushing very hard to make significant additional investments in medicines and cures of the future, including Alzheimer's, which is impacting many American families and will affect more people in the years ahead.
"Folks, diseases like Alzheimer's, diabetes, cancer — they're all on the cusp of being able to be dealt with. You know, if we don't do something about Alzheimer's in America, every single, solitary hospital bed that exists in America — as the nurses can tell you — every single one will be occupied in the next 15 years with an Alzheimer's patient —everyone — costing us in excess of a trillion dollars," the President said.
$5 Billion in Research Sought
The President wants to spend $5 billion a year on that research and development to focus on these health issues to make significant breakthroughs.
Funding is expected to come from increased taxes on corporations and wealthy Americans.
"Diseases like Alzheimer's, diabetes, cancer — they're all on the cusp of being able to be dealt with," Biden said.
The National Institute on Aging already distributes more than $3 billion annually for Alzheimer's and dementia research. The amount is up from $500 million just a few years ago.
Dementia Care is Costly and Not Covered by Health Insurance
The problem of dementia care and other long-term health care is costing American families in both time and money since health insurance and Medicare pay little to nothing for this type of care. Long-Term Care Insurance will pay for extended care, but you must have a policy in place before your health changes.
About 6.2 million people in the United States aged 65 and older live with Alzheimer's dementia in 2021. The number of people with dementia is expected to increase to 13.8 million by 2060 barring the development of medical breakthroughs from preventing, slowing, or curing dementia.
The LTC NEWS Cost of Care Calculator shows the average cost of long-term health care well into six figures in the years ahead. Already, nursing homes throughout most of the country cost over $100,000 a year.
Most long-term health care, including dementia care, is delivered at a person's home or in assisted living or memory care facilities. You can find the current and future costs of long-term health care services by using the calculator by clicking here.