About 14 million or nearly 18 percent of the United States’ 79 million baby boomers will likely develop Alzheimer’s and other forms of dementia in their lifetime, according to a new report released by the Alzheimer’s Association.

The report, “2008 Alzheimer’s Disease Facts and Figures,” estimates that one in eight baby boomers will likely have Alzheimer’s, a degenerative brain disease characterized by severe memory loss and confusion.

The oldest baby boomers are turning 62 this year and are by definition entering the risk zone. According to Stephen McConnell, vice president of public policy for the Alzheimer’s Association, age is the largest major factor linked with the disease. After turning 65, chances of developing Alzheimer’s doubles every 5 years.

“What we’re faced with here is the boomer population coming of age. There are going to be a lot more people at risk,” Gary Small. Director of the UCLA Center on Aging said quoted by the USA Today.

So far, there is no known cure for Alzheimer’s. The U.S. will be faced with a half-million new cases of Alzheimer’s in 2010 and nearly a million a year by the middle of the century if no cure for the disease is discovered.

The report also draws attention on the negative impact the growing numbers will have on U.S. economy. In 2005, Medicare spent $91 billion on Alzheimer's and other dementias, and spending could jump to $160 billion by 2010 and $189 billion by 2015. Also, the time and out-of-pocket costs for family caregivers will increase, the report wrote.

Nearly 5.2 million people now have Alzheimer’s and as many as 500,000 Americans are diagnosed before the age of 65, McConnell said. According to McConnell, even a treatment that delayed the age of onset for Alzheimer’s could save Medicare billions.

“We don't need to cure this disease. If we could just make a dent in it, the savings would be huge,” McConnell said.