Author's Insights

Elder Abuse

Over the years, I have been asked hundreds of questions regarding healthcare concerns for aging parents. People may ask about care for a parent with dementia. How to select a long term care facility? What services can be brought into the home to assist their parents? Questions relating to end of life concerns.

I have also been asked questions regarding how to address issues with parents who refuse to talk about aging or end of life plans. Aging parents who refuse to discuss money, estate plans, or whether a will, power of attorney or trust has been established. It may be a reluctance of aging parents to share ANY information with their adult children.

An extremely important topic that I rarely have been asked about though is Elder Abuse, Neglect and Exploitation. It is estimated that 5 million cases of elder abuse, neglect or exploitation are reported in the United States each year. Experts believe that for every case reported – 23 cases go unreported.

Elder abuse, neglect, or exploitation spans all socio-economic groups. Elder abuse is divided into 5 different groups: Financial Fraud and Exploitation; Caregiver Neglect; Psychological Abuse; Physical Abuse and Sexual Abuse. Financial, caregiver and psychological abuse occur more often than physical and sexual abuse.

A Wells Fargo survey showed that two-thirds of elder financial abuse is done by friends, family member or another person the victim trusts. Another survey showed it is estimated that $3 billion in fraud happens each year to our elders. The most common types of fraud elders fall prey to are: online shopping scams; computer tech support scams; imposter scams (portraying to be from IRS, Social Security, Government); romance scams (people age 70+ had the highest median loss from this type of fraud); and sweepstakes scams.

So, how do we address the issue of Elder Abuse, Neglect and Exploitation with our parents or someone we are assisting. First and foremost, start the conversation! Pretending it doesn't exist or can't happen to you or to your loved ones is like putting your head in the sand. Have the conversation regarding answering or talking with individuals on robo-calls. The Federal Communications Commission estimates there are 2.4 BILLION robo-calls made each month!

Don't be afraid to bring up “money talks” with aging parents. Help them close unused accounts and streamline their finances. Set up bank and credit card email or text alerts. Review credit reports each year and even consider freezing credit if there will not be future need of a loan. Consider identity protection services. Make sure they understand the ins and outs of clicking on pop-ups or sites they are unfamiliar with on their computers. Add anti-virus and security software to their computers. For more information and safeguards relating to Elder Abuse, Neglect and Exploitation, go online. The government has a great deal of information that you will likely find beneficial

DISCLAIMER:  The author of When The Time Comes does not claim to be an expert in the fields of banking, investments, accounting, insurance, real estate or law. The author does not provide legal advice. The information contained in this binder comes from the personal experience of the author working with families and individuals over the past 40 years as a registered nurse, health advocate, POA, Guardian and through pastoral care. Readers are advised to contact experts in the respective fields listed in the binder for additional information.

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