Stephen McConnell, vice president of public policy for the Alzheimer's Association, estimates 18 percent or 14 million of the U.S.'s 79 million baby boomers will likely have Alzheimer's, a degenerative brain disease characterized by severe memory loss and confusion.
McConnell said age is the largest major factor linked with the disease. The oldest of the baby boomers, or those born between 1946 to 1964, will be 62 this year. After 65, chances of acquiring Alzheimer's doubles every 5 years.
So far, there is no known cure for Alzheimer's. Unless a cure is found, the U.S. will have half million new Alzheimer's patients by 2010 and almost a million by 2050. At present there are 5.2 million Americans with the disease, 70 percent of them, fortunately live with their families who help take care of them. The value of their unpaid care service was estimated at $89 million.
The growing number of Alzheimer sufferers, the report said, will eat a significant portion of Medicare funds. In 2005, Medicare spent $91 billion on various types of dementia ailments, and the amount is expected to jump to $160 billion by 2010 and $189 billion by 2015.
To worsen its strain on public finances is a finding that while seniors are cutting back on expenses, the money did not end up on their retirement fund. A study sponsored by Scottrade said 25 percent of baby boomers have less than $25,000 as retirement savings.
