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Dispatches

A $5 Test Can Help Avoid Financial Problems

Hearing loss has been linked to an accelerated decline in cognitive abilities, which directly and adversely impacts a person’s abilities to manage their finances.

Hearing loss has been linked to an accelerated decline in cognitive abilities. Declining cognitive abilities directly and adversely impact a person’s abilities to manage their finances. A scientifically validated $5 test can alert individuals to potential hearing problems and the need to seek treatment.

A study published in the Journal of the American Medical Association (JAMA) found a 30% to 40% acceleration in the loss of cognitive abilities among study participants with hearing loss. The level of cognitive impairment was directly related the amount of hearing loss.

This matters for investors because dementia and other cognitive impairments lead to financial problems. As discussed in the September 2013 AAII Journal (“Dementia and Financial Decision Making”), a study by the Federal Reserve found that no money management problems were reported when a household’s financial decision-maker had good cognition scores. Once the decision-maker’s cognition scores fell into the CIND (cognitive impairment, not dementia) range, the proportion of households reporting money management problems jumped to between 40% and 80%. A different study published in JAMA found difficulties with managing bank statements and paying bills emerge at even mild levels of cognitive impairment.

A telephone test can reveal if hearing problems exist. Individuals purchase the test on the National Hearing Test’s website (www.nationalhearingtest.org) for $5 and then dial a phone number with a special access code. The test involves detecting three-digit sequences spoken against a background of static. Test takers simply type the numbers they hear into their telephone’s keypad. Results are given immediately and can be shared with an audiologist if a problem is suspected.

If hearing aids are prescribed, the costs for purchasing, repairing and maintaining them can be deducted as a medical expense from federal income taxes. Uninsured medical expenses must exceed 10% (7.5% for those 65 or older through 2016) of adjusted gross income in order to be deducted, however. Though not cheap, the cost of hearing aids pales in comparison to the cost of cognitive impairment, which can include financial problems and elder fraud.

Source: “Is Everybody Mumbling? Try a Hearing Test You Take on the Phone,” National Public Radio, December 21, 2015; “Hearing Loss Accelerates Brain Function Decline in Older Adults,” Johns Hopkins Medicine, January 23, 2013.

Discussion

William Croom from FL posted over 10 years ago:

I would respectfully disagree with the premise of this article. There is little proof that hearing aids prevent or improve dementia. Both deafness and dementia are associated with aging. Hearing aids may prevent or improve isolation and depression. Depression in the elderly is often a reversible cause of cognitive dysfunction. Hearing aids can improve hearing and thus the function of a hearing impaired person. There are free apps that can be loaded onto your smartphone and used with earbuds. The resultant audiograms correspond well to those derived by a hearing specialist. If you find it hard to understand your granddaughter on the phone, need the TV louder than your spouse, can't understand a conversation in a restaurant, or have to look at someone to understand them, get a hearing test. They are free at your local hearing aid dealer. Hearing aids are expensive. You need one for each ear. Plan on spending $5000 to $7500 out of pocket. Medicare doesn't cover hearing aids. Most dealers will allow you to try the aids before you commit, so you don't have to worry about getting stuck with expensive ornaments. Hearing aids are complex computers. There are many styles and they can be programmed to do many things, including linking to your phone and blue tooth devices. You need to like your audio tech, since you and your significant other will spend many visits getting the settings right. Finally, if you choose to get hearing aids, wear them. They do no good in the case. They are lousy paperweights (too light).


Daniel Brown from TN posted over 10 years ago:

The article specifically refers to CIND ... it says nothing about hearing aids preventing or improving dementia.


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