Seniors are especially susceptible to financial abuse and fraud. Unfortunately, there are many scams trying to obtain money from a senior with cognitive decline or failing health. APS programs report that the number and complexity of reports involving financial abuse of vulnerable and older adults has grown significantly over the past decade. Recent research has found that elder financial exploitation is widespread, expensive, even deadly.
According to the National Adult Protective Services Association:
- One in nine seniors reported being abused, neglected or exploited in the past twelve months; the rate of financial exploitation is extremely high, with 1 in 20 older adults indicating some form of perceived financial mistreatment occurring in the recent past
- Elder abuse is vastly under-reported; only one in 44 cases of financial abuse is ever reported
- Abused seniors are three times more likely to die and elder abuse victims are four times more likely to go into a nursing home
- Almost one in ten financial abuse victims will turn to Medicaid as a direct result of their own monies being stolen from them
- Cognitive impairment and the need for help with activities of daily living make victims more vulnerable to financial abuse
By Your Side Care Management will work with the older adult and trusted family members to identify financial abuse, report it appropriately, and safeguard assets for the future. By Your Side Care Management works with local Departments on Aging to ensure seniors are protected from financial and physical abuse.
By Your Side Care Management can also assist with daily money management by paying bills and referring to trusted financial services as appropriate. By Your Side Care Management follows the standards and code of ethics of the National Association of Geriatric Care Managers. We always keep our clients’ best interests a top priority in everything we do.