All Articles Tagged "elder care"
This is Low: More People Stealing From Elderly Members of Their Own Families
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Research conducted by the Investor Protection Trust (IPT) and Investor Protection Institution (IPI) finds that “elder exploitation” is increasing, with more people taking money and property from older Americans. Even more shocking, most of the perpetrators are family members. Caregivers and strangers are also guilty.
The organizations polled state securities regulators, law enforcement officials, financial planner, health care professionals and others who report that they’re seeing higher instances of theft from older Americans, with the study also finding that the elderly are “very vulnerable.”
Financial services company MetLife reported last year that older Americans were robbed to the tune of $2.9 billion in 2010. That’s up from $2.6 billion in 2008.
“Some older Americans are too embarrassed to disclose financial abuse. Some lack the tools to find a good financial adviser and may not have the knowledge to understand investment advice. Others may be susceptible to fraud because of diminished mental capacity,” USA Today reports.
Don Blandin, president and CEO of the Investor Protection Trust suggests that collaboration between health professionals, who can detect diminished mental capacity in elderly patients, regulators and other officials will prevent some of these crimes.
“Putting a major dent in the problem will require new and innovative collaborative efforts by many different experts and organizations, both public and private,” he said in a statement.
We reported a couple of weeks ago that about half of Americans are dying broke. This could be part of the reason why. Keep an eye out for your loved ones’ finances. If you find that money is missing, bills are going unpaid, or belongings have disappeared, take action.
The Hidden Costs of Caregiving
(Smart Money) — The demand for informal caregivers–like family members, friends or neighbors–is expected to increase by more than 20% in the next 15 years–and by 85% in the next 40 years–as baby boomers age, data from the Dept. Health and Human Services show. Nearly 62 million Americans already care for another adult at least part-time, an expensive and time-consuming undertaking. Many people first spot a need to take on a bigger role in a parent or older relative’s life at big family gatherings where mom suddenly seems to be wobbly on the stairs. Even caregivers who hire paid help can expect to spend an average of 24 hours each week on actual care, according to a 2007 study by the National Alliance for Caregiving and Evercare. And the 56% of caretakers who live with their charge spend more than $4,500 per year on directly-related out-of-pocket expenses such as food, transportation and medication.
