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How to Identify and Prevent Edler Financial Abuse?
Seniors are one of the most vulnerable populations targeted for financial abuse, frauds and scams. One in ten Americans age 60+ has experienced elder abuse and the most frequent abuse being financially (Forbes.com). How does this happen and what can you do to help protect yourself or your loved one from falling prey to this form of abuse? Let’s take a look at defining Elder Financial Abuse and the different things to look out for to help plan, discuss and prevent this type of abuse. With the holidays in full swing, there are unfortunately there are those looking to take advantage of our unsuspecting, vulnerable, and good-hearted seniors.
What is Elder Abuse?
According to Forbes.com, Elder financial abuse is defined as someone illegally or improperly using an elder’s (aged 60 or older) money or belongings for their own personal use.
The financial exploitation of elderly people comes at a great cost: It costs victims as much as $36.5 billion each year, according to the National Council on Aging. And it can be more difficult to detect than physical abuse and neglect because it’s often done by family members, trusted friends and caregivers.
Seniors are targeted simply because they have money in the form of pensions, retirement savings, or home equity, which are appealing to those looking to take advantage. Elder financial abusers can be family members, or people with whom the older person has had a relationship.
What do I need to Know?
The Mandated Reported callas attention to 5 Financial Elder Abuse Statistics Everyone Should Know?
1. Growing Concern of Financial Elder Abuse
Financial abuse is a growing problem. The Consumer Financial Protection Bureau found that reports of elder financial abuse quadrupled from 2013 to 2017, rising to 63,500 reports of suspicious financial activity involving seniors in 2017. Furthermore, it is believed that these formal reports of suspicious activity likely represent only a small fraction of suspicious financial activity involving seniors in 2017. Furthermore, it is believed that these formal reports only represent a small fraction of actual senior financial exploitation.
2. The Financial Burden Can be Hefty
Consumer Financial Protection Bureau found the average loss to an older adult who suffers financial exploitation is $34,200, and up to 7% reported up to $100,000.
3. When an Elder Knows Their Abuser, the Losses Can be Greater
When the senior knows the person exploiting them, they will often be taken for more money and losses, according to the Consumer Financial Protection Bureau. The senior often trusts the one looking after them to tell them the truth and not take advantage of them or their wealth.
4. Family Members are the Most Likely to Exploit a Senior
The National Center on Abuse reports that financial abuse occurs 54 % of the time by a family member. Often making this an even more difficult situation to get control of.
5. Abusers Often Have Their Own Financial Difficulties
The National Center on Elder Abuse reports up to 30% of financial elder abusers often have financial troubles of their own. Where less than 1% of non-related or unknown perpetrators had financial issues.
Financial elder abuse is devastating. Fortunately, there are ways to recognize and report it to better help victims.
· fraudulent signatures on bills
· unusual or sudden changes in spending
· sudden changes to financial documents such as a will, etc.
How can I help prevent financial elder exploitation from happening?
An AARP article points out 5 ways to help prevent this from happening:
1. Designate someone you trust as your financial power of attorney.
2. Appoint a trusted contact for accounts and investments.
3. Sign up for a service that tracks your bank accounts, investments, and credit cards.
a. Tech tools such as EverSafe and LifeLock can detect suspicious activity and protect against identity theft.
b. It is also a good idea to consolidate finances: accounts, limit # of bank cards, subscriptions. Less is often more in ways of being able to manage effectively.
4. Stay in touch with loved ones.
5. Get to now your loved one’s caregivers.
a. Knowing them and being involved makes it less attractive for caregivers to take advantage.
b. When hiring in-home help, it is advisable to use a bonded agency that does background checks and takes action in case of theft.
AARP also has a great video pointing out 3 ways to Protect Against Elder Financial Abuse: 3 Ways to Protect Against Elder Financial Abuse - Top Videos and News Stories for the 50+ | AARP
Who do I go to if I believe my loved one is a victim of elder financial abuse?
· Contact Adult Protective Services (APS) for your area
· Contact your local District Attorney or Legal Aid office
· The National Association of Adult Protective Services has a state-by-state directory.
Ruby Care Senior Living Advisors wants all our seniors and their families to stay safe not only over the holidays, but throughout the year. Wishing you and yours Happy Holidays and a Blessed New Year!
Britt Hemsell – Ruby Care Senior Living Advisor & Blog Contributor
Resources:
Forbes.com: Elder financial abuse is defined as someone illegally or improperly using an elder’s (aged 60 or older) money or belongings for their own personal use.
Mandated Reporter: 5 Chttps://mandatedreporter.com/blog/5-crucial-senior-financial-abuse-statistics/rucial Senior Financial Abuse Statistics (mandatedreporter.com)
National Center on Elder Abuse: https://ncea.acl.gov/What-We-Do/Research/Statistics-and-Data.aspx
National Adult Protective Services: https://www.napsa-now.org/help-in-your-area
AARP: https://www.aarp.org/money/scams-fraud/info-2021/prevent-elder-financial-exploitation.html
For women, eldercare should not mean sacrificing your careerMany women, especially those in mid-career, find themselves facing the difficult decision of whether to leave the workforce to care for aging parents. The demands of eldercare can pile up with little warning or predictability and quickly become overwhelming. The "easiest" solution for many women in this position may seem like stepping away from their professional lives altogether.However, leaving the workforce can have long-term, unseen consequencesfinancially, emotionally, and professionally. Before women make this decision, we want to bring to light to some of the costs of stepping away, as well as share options that are available to help women care for aging parents or loved ones without sacrificing their career.The elephant in the room - what about men?It's a systemic problem that the large majority of caregiving responsibilities fall on women. We believe fully this should not be the case - and will continue to advocate for a future where men and women are expected to share, and do share, these responsibilities more equally. That said, this article is going to focus on the impact of eldercare on women, and options available, because the data shows the women are the ones who are much more likely to pay the price of eldercare.Female caregivers are more likely than males to ask for a less demanding job, take unpaid leave, or give up work entirely to support caregivingWomen lose an estimated $325K over their lifetime due to caregivingThe Unseen Costs of Leaving the WorkforceWomen who exit the workforce early face immediate income loss, diminished retirement savings, and a reduction in Social Security benefits. AARP reports that caregivers can expect to spend an average of $7K annually on out-of-pocket expenses.Additionally, exiting the workforce comes with professional setbacks that may be hard to recover from. Studies show that women who take time off for caregiving often find it difficult to re-enter their fields, and when they do, they may face lower wages, fewer opportunities for advancement, or the need to start in less demanding roles.The Unseen Costs of "Daughterhood"A less recognized aspect of womens caregiving burden is eldercare (i.e. daughterhood), which is frequently overshadowed by the attention given to childcare (i.e. motherhood). While businesses have made strides in supporting working mothers, they have largely ignored the unique challenges posed by eldercare. The emotional and physical toll of eldercare, which often includes managing chronic illnesses, dementia, and end-of-life care, cannot be underestimated.According to the Federal Reserve, four times as many people have left the workforce due to adult caregiving compared to childcare, yet corporate policies and benefits packages rarely address these realities.Why You Shouldn't Quit: There Are OptionsBalancing work, children, aging parents, mental and physical health, a "clean" home, and the semblance of a social life - it's simply not sustainable. It would make Superwoman run for the exit. It's no wonder that women leave their jobs in order to quickly take something off their plate. But before putting in your notice, let's talk about resources and options that may be available.Workplace Benefits: Find out what your company offers. Some offer paid caregiver leave, flexible work schedules, Employee Assistance Programs (EAPs) that provide counseling and eldercare resources.Even if your employer is moving away from remote work post-pandemic, you can advocate for more flexibility, such as flexible hours or a partial work-from-home arrangement.According to experts, a flexible workplace arrangement is often the most important factor for caregivers trying to juggle their professional and personal lives.External Support Systems: there are local and national organizations that can provide assistance. Naborforce is one of these organizations - our founder Paige Wilson lived all of the stark truths discussed in this article, and that is why she decided to do something about it! And if Naborforce isn't in your area or isn't an option for you - there are other resources to check out: care.com, Bright Horizons, home care agencies, caregiving forums, etc.Note: Naborforce partners with employers to provide discounted hourly rates. If your employer doesn't have Naborforce as an option, reach out to us and we will see if there is an opportunity to collaborate!Talk to your people: Many organizations are beginning to create employee resource groups for caregivers, offering a safe space to share experiences and tips for managing eldercare. These groups can be a lifeline for employees who feel isolated in their caregiving roles.Making Eldercare an Employee BenefitEmployers play a crucial role in supporting women who are caregivers. Unfortunately, 79% of caregivers do not have access to benefits that support them in this role.Supporting working women is not just about helping parents; its about addressing the needs of adult daughters (and sons) who are balancing caregiving with their professional lives. As 10,000 people turn 65 every day in the U.S., this challenge is only going to grow. Employers must adapt to this reality if they want to retain top female talent.The Bottom Line: You Have OptionsWhile caregiving can feel like an all-consuming role, women should not have to choose between their careers and their families. By tapping into workplace benefits, seeking flexible arrangements, and exploring external resources, women can navigate the challenges of eldercare without sacrificing their professional futures.
In observance of National Mental Health Awareness Month this May, the spotlight is now turning toward a previously overlooked demographic: seniors. While mental health has gained significant attention in recent years, researchers are uncovering the unique challenges faced by older adults. As we strive to pave the way for healthy seniors, its crucial to value the importance of a positive mental health mindset and habits.The psychology of aging is changing. As they start to retire, baby boomers are changing the way we think about senior citizens and mental health awareness. According to a study from the Institute on Medicine, approximately 1 in 5 older adults in the United States has a mental illness, substance abuse disorder or both.Researchers who have studied mental wellness over a lifespan noticed that older adults with chronic conditions, such as heart disease, are more likely to experience depression as well. The Centers for Disease Control and Prevention notes that for seniors, doctors may dismiss concerns of depression or loneliness, and seniors are left misdiagnosed or undertreated. In fact, due to the longtime cultural stigma around mental health issues, seniors may be more reluctant to seek help, or they may dismiss their own concerns because they do not believe that they need assistance to feel better. Reasons Why Seniors Struggle with Mental HealthThere are various reasons that seniors often struggle with mental health concerns, and while there are no set causes, research has shown that these factors are related to the risk of mental illness but do not necessarily cause it: Medical conditions, such as stroke or cancer Genes people who have a family history of depression may be at higher risk Stress, including caregiver stress Sleep problems Social isolation and loneliness Lack of exercise or physical activity Functional limitations that make engaging in activities of daily living difficult Addiction and/or alcoholism Life transitions related to the environment and changes in circumstances can also trigger periods of mental health disturbance. Transitioning from a lengthy career, experiencing family relocation or adjusting to life in a senior living community can evoke feelings of anxiety and depression in otherwise healthy seniors. During these times of transition, team members at Anthology Senior Living communities are equipped with the resources to aid residents. Dont be afraid to seek out mental health programs for older adults and encourage mental health improvement activities, such as exercising and meditation. Moving for SeniorsSome life events, such as a big move, can trigger more emotional changes in seniors. When moving into a senior living community, treat the transition with care. There are several emotional stages of moving, and some seniors could become depressed after moving to a new home. If emotions about moving arise, it can cause psychological challenges in older adults. To ensure quality of life for seniors who are moving, pay attention to any emotions or feelings your loved one might have, and help them process each consideration to help mitigate the emotional challenges that may come up.Talk to your loved one about the benefits of living in a retirement community, and if necessary, encourage conversations and utilize community and Anthology Senior Living support to gather resources about mental health services for seniors. Social Connections Are Essential for Healthy SeniorsAnother benefit of living in an Anthology Senior Living community is the opportunity to meet new people and create new social connections, which can ease the stress from moving. Communities like Anthology of Blue Ash help welcome new residents by introducing them to fellow neighbors and inviting them to dine with their new friends. Social connections are essential for not only surviving but also thriving. However, as individuals age, they frequently discover themselves spending increasing amounts of time in solitude. Research indicates that loneliness and social isolation are correlated with elevated levels of depression.
As winter fades away and nature awakens, spring and summer emerge as seasons of renewal and rejuvenation. The longer days, milder temperatures and blooming landscapes invite us outdoors, offering a perfect opportunity to explore activities for seniors and embrace the new growth of the seasons. After months of indoor confinement due to cold weather, spring presents an ideal time for seniors to venture outdoors and engage in various activities that promote health and well-being. Whether its strolling through the communitys landscaped grounds, tending to garden beds or participating in outdoor exercise classes, the possibilities for enjoying the warmer weather are endless. The transition from winter to spring symbolizes a fresh start a chance to shake off the colder months and embrace a renewed sense of energy. By taking advantage of the natural beauty and pleasant weather of spring, seniors can invigorate their bodies, lift their spirits and reconnect with the world around them through their choice of activities for seniors. Health Benefits of Outdoor Activities The cool sunshine of early spring brings a much-needed vitamin D boost from the sun after an overcast and chilly winter season. Just 20 minutes in the sun each day can help improve mood and mental health and provides opportunities to get outside and enjoy physical activity and increased mobility. As we age, maintaining an active and healthy lifestyle becomes increasingly vital for our overall well-being. For senior citizens, staying physically and mentally active is not just a recommendation; its a necessity for maintaining independence, mobility and quality of life. Spring is the perfect time to stretch those muscles with a variety of outdoor activities for seniors. Regular physical activity offers a bevy of benefits for seniors. It helps to strengthen muscles and bones, improve cardiovascular health, and enhance flexibility and balance, reducing the risk of falls and injuries. Staying active promotes mental wellness by reducing stress, anxiety and depression, while also boosting cognitive function and memory. Another great benefit of activities for seniors is the return of outdoor socialization activities to enjoy the sunshine and fresh air while getting to know your neighbors. Our communities like Anthology of Olathe introduce activities for seniors into everyday life by serving meals alfresco or painting outside on the secure terrace. Summer and Spring Activities Tailored for Seniors Spring and summer open possibilities of many activities that are catered specifically for senior citizens. As we start to stretch our bodies after a winter inside the house, there are many low-impact physical spring activities for adults to try that will help your body acclimate to the warmer weather and a more active lifestyle. Walking trails: Our communities have accessible walking trails and paths with gentle slopes among manicured lawns. Sprinkled throughout the outdoor space are benches and chairs for resting and enjoying the view of the community, like those at Anthology of Simsbury. Community gardening: Many communities, like Anthology of Charlottesville, have gardens where residents are welcome to get their hands dirty in fresh soil, freshly sprouted roots and itty-bitty seeds. Gardening is a favorite spring activity for seniors, and gardening has great physical and mental health benefits, helping them relax and enjoy the weather. Further, fresh produce can be utilized in the community for resident meals as part of spring celebrations. Communities can create senior-friendly garden spaces by incorporating raised garden beds to reduce muscle and body strain when working in them and creating wide, clear pathways for accessibility. Outdoor exercise classes: In the crisp air, summer activities for adults are often moved outside to enjoy the sunshine. This is the perfect opportunity to host low-impact exercise classes such as outdoor yoga and Tai Chi. Birdwatching and nature observations: Anthology Senior Living communities are rooted in some of the most beautiful cities in the world in a variety of locales. Observing nature whether watching birds, meditating by a lake or exploring a botanical garden can be a lot of fun for seniors. Make time in your adult summer activities for a summer celebration! There is so much fun for seniors to have over the summer months, including barbeques, Independence Day celebrations, time by the pool and more! Precautions and Safety Measures for Outdoor Summer Activities Sun protection: While sun protection is important year-round, in the emerging sunshine of the spring, it is more important than ever during outdoor activities for seniors. Utilize a sunscreen with an SPF of 30 or above, ideally applied 15 minutes before going outside. Wearing light, breezy clothing and a light hat can help you from overheating from activities in the spring and summer. Allergies: Springtime activities also often come with spring allergies! Minimize your exposure by changing clothes after spending time outdoors and speak with your healthcare professional if you require an over-the-counter allergy medication for those outside sniffles and sneezes. Hydration: In the spring and summer, there is an increased need for hydration during the warmer weather, especially when experiencing outdoor summer activities. Stay hydrated throughout the day by drinking plenty of water and avoid caffeinated and carbonated beverages. Seniors should aim to drink at least half of their body weight in water each day. For example, a 150 lb. person would aim for at least 75 oz. of water per day. What is your favorite way to plan great activities for seniors? Take the time to enjoy a summer celebration or escape the heat with indoors summer activities for adults. Enjoy all of our activities for seniors at our various Anthology Senior Living communities!
When Its Time for Senior Living, We Help You Find the Perfect Community for You! With over 900 senior living options in the DFW area, Ruby Care helps families make informed decisions. We provide complimentary assistance to find the most appropriate living community including Indepenent Living, Assisted Living, Residential Care Homes, Memory Care & Nursing Home. Our ExperienceIf you've been searching for senior housing for you or your loved one, you know there are hundreds of senior living communities in the Dallas/Fort Worth area. Let Ruby Care help you. We do the legwork at no cost to you and help you find the place that is perfect for you and your family.Our professionals are well-known in the communities they serve. In order to help you best, they network with health care providers, such as home health, hospice, rehabilitation facilities, hospitals, physicians and other senior service providers.Collectively, our team has over 50 years of experience in healthcare and we are trained to listen to your needs so that we can work to find the best options for you...at no cost! Why Us?We know this can be a stressful time for you as you choose your next home. When you work with us, you will be assigned a Senior Living Advisor (SLA) who knows the community and has first-hand knowledge of the communities you are considering. Your SLA will meet with you in person and will listen to your wishes, wants and needs in order to help guide your next steps. Your SLA will also help you with senior living community tours and preparation to help guide you through the selection process. We serve as your advocate and help make this a smooth, seamless transition. Once you have selected a community, we continue to follow up for at least the next thirty days to make sure things are going well and there are no outstanding concerns. possibilities. placement. peace of mind.