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Senior Living Insurance: Elder Financial Exploitation

Senior Living Insurance Elder Financial ExploitationSenior Living Insurance: Elder Financial Exploitation

Elderly fraud is becoming a serious problem. In a survey, 58% of respondents said they dealt with elderly victims of investment fraud/financial exploitation “quite often” or “somewhat often.”

The problem is growing rampant. Millions of elderly are scammed each year, losing billions of dollars to thieves, sometimes who are family members. What’s more, a large number of elderly investment frauds go unreported. Victims may feel ashamed and won’t report it, con artists string victims along until it is too late, and many times adult children don’t spot the problem in time to intervene.

People over 50 years of age control at least 70 percent of the net worth of the nation’s households. Older individuals are targeted because they possess more assets, including savings, annuities, retirement accounts, stocks and bonds, insurance policies, and more property than younger generations. The senior population is preyed upon for their vulnerabilities. Approximately 35% of the 25 million people over age 71 in the U.S. have mild cognitive impairment or Alzheimer’s disease. They are especially vulnerable to financial exploitation.

Elder financial abuse can have even larger implications. It is commonly linked with other forms of abuse and neglect. It threatens a senior’s dignity, health and their economic security. Yet it has received limited attention because it is not an easily visible or recognized problem.

Elder financial exploitation affects victims and their family members in long-lasting ways, increasing their risk of depression, decreasing their quality of life and increasing unnecessary institutionalization.

We created the DigniCARE insurance and risk management program specifically for the senior living industry, which encompasses innovative solutions for assisted living facilitiesindependent living facilitiesnursing homes, and Continuing Care Retirement Communities (CCRC). To learn more call (855) 883-6306.

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