The worst thing with bta's is they move, and most of the time it's right where you don't want them to be and there isn't really any way to control it. They will go where they want to go.
With that said it knows where it needs to be and it could be various things causing it to deflate/ball up etc. Only thing you can really do is make sure you have the correct lighting and water parameters/flow for it and wait. There is tons threads on medicating nems ( Def look into it and see about your situation) but it's more common with carpets I believe.
Don't do anything drastic if it's been in there for a few months and HEALTHY I would try to think if anything has changed in your parameters, equipment, lighting, routine etc..
Could it be that your tank is not up to the task of keeping a nem over the long haul? Slow demise could be a myriad of things from improper lighting to newish tanks getting loaded up with nutrients over time , salinity, Alk,yada yada (you get the picture) .
If you notice it starting to look really bad, not inflating at all and discharging/breaking apart Def remove him and toss it.Depending on tank size it can either decimate the entire tank overnight or cause some other forms of bad news with a large nutrient surge and or coral/fish death.
And contrary to what a lot of people post constantly feeding anemones is not a natural process and causes stress. Feeding a bit is OK but spread it out. I read threads where people are feeding daily/weekly large pieces of shrimp or silver sides to roses/bta's and wonder why they aren't happy and constantly move..FWIW I have a few Sunburst and rainbow Bta's that I never directly feed ( 10+ years for some) and they are all fat and happy..