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Guest Blog: Fraud, Scams, and Other Challenges Elders Face

Elder fraud is an enormous problem that involves massive financial loss and elder abuse. The misappropriation of finances and financial control is known as elder financial abuse or financial exploitation. Elders report losing approximately $1.17 billion each year, but the AARP estimates a more accurate number is probably closer to $40 billion.

Scams and Challenges Faced by Seniors

Elders face losing their independence, neglect and abuse, diminished physical ability, and age discrimination. Even healthy elderly individuals may fall prey to schemes at the hands of criminals or family.

Elderly individuals who require daily assistance may suffer abuse and neglect from caregivers and family members. Being left dirty and unbathed is one of the many signs of neglect that point to elderly abuse. Be on the alert for fraud and abuse perpetrated towards seniors.

What is Elderly Fraud?

Elder fraud is a scam operation that targets seniors. The scammer may be a family member or friend, or a stranger. The most common way for seniors to be targeted is over the Internet or email through phishing techniques, such as:

Internet offers or emails advertising discount prescriptions and low-cost health coverage
Internet offers that advertise financial support through home-equity loans or retirement savings
Friendships evolving through email communications, phone calls, and social media

Telemarketing Frauds and Common Schemes

An FBI sting in 1980 involving specialized AARP members led to 1200 arrests and hundreds of convictions for fraudulent telemarketers selling water purifiers, vacations, sweepstakes, and environmental packages. Telemarketing fraud is still a large concern for seniors. Other typical elderly fraud schemes include:

Romance: Criminals seek to capitalize on elderly victims who desire to find a companion using dating websites and social media.

Grandparent: Criminals contact an elderly individual claiming to be a child or grandchild and needing immediate financial assistance.

Technical support: Criminals contact the elderly individual and offer to fix nonexistent technical issues to gain access to their devices and obtain sensitive information.

Sweepstakes or lottery scams: Criminals contact the elderly victim and claim they won a lottery or sweepstakes for which they require a fee.

Government impersonation: Criminals pose as government employees and threaten to arrest or prosecute elderly individuals unless they provide payments.

Home repair: Criminals appear in person at the elderly individual’s property to offer home-improvement services that they never provide.

Family or caregivers: Relatives and acquaintances of elderly individuals may seek to take advantage of them to obtain money or property.

TV/radio: Criminals seek to target potential victims using false advertisements for services such as reverse mortgages and credit repair.

COVID-19 Elderly Scams

During the COVID-19 pandemic, elderly fraud substantially grew as elders were separated from their close family and friends to avoid the virus. Some COVID-19 scams involved selling counterfeit products like air filters, vaccines, and testing, as well as contact tracing schemes designed to trick elders out of money and gain pertinent personal information.

Multiple scams continue to target the elderly concerning COVID-19, including Social Security Administration (SSA) scams and charity requests. One study estimated that one in 10 seniors fell victim to elderly fraud in 2018, and this number increased during the pandemic as elders faced:

Similar Concerns

Seniors tend to share similar concerns, including high medication costs, a need for healthcare coverage, dwindling retirement funds and plans to provide for their loved ones. Phishing emails on these specific topics grab personal information.

Isolated or Alone

Seniors are uniformly isolated and spend much of their daily lives alone. In many cases of elderly fraud, if the victim had spoken to a family member or a friend, the scam would not have happened.

Naïve and Trusting

While most individuals over the age of 30 do not have any memories without the Internet, most seniors have lived their lives without using email or the Internet and have misappropriated trust. They are unaware of the complexities behind a seemingly safe email.

Diminished Decision-Making Skills

Most seniors experience some diminished mental capacity, and this affects their decision-making abilities.

Elderly Schemes Based on Personal Info

Some schemes are more targeted and involve emails and phone calls using personal information to target the individual. These targeted attacks use information gleaned through general phishing attacks to draw the individual into a scam.

Elderly fraud has resulted in devastating losses for victims, and the US Consumer Financial Protection Bureau has found that victims suffer an average loss of $34,200 through such scams. The FBI elder fraud department is focused entirely on elderly scams.

By Jim|2023-07-31T12:44:57-05:00August 6th, 2023|Dr. Mauk's Boomer Blog, News Posts|Comments Off

Navigating the Financial Decisions Seniors Face After Becoming Widowed – And How Caregivers Can Help

Experiencing the loss of a spouse is a major change for anyone to deal with, but for seniors who have shared their life with one person for years, losing a spouse often brings about unexpected consequences. Besides dealing with grief, there are also financial issues to confront.

Seniors who are going through this loss often feel overwhelmed by the decisions they need to make and how those decisions will impact their future. This is where adult children or other caregivers can make a big difference by helping your loved one make sense of it all, so they can move forward with a solid financial plan.

Read on for some more thoughts from International Rehabilitation Consultants.

Knowing When and How to Help

As a caregiver of someone in this position, one thing you may be concerned about is whether your senior loved one should continue managing their own finances. Next Avenue points out that it’s important to address this concern openly before making any decisions. If you both feel like it’s a good idea for you to help, you will want to have your loved one sign a durable power of attorney, which will give you legal authority to access and manage accounts.

In some cases, your loved one may be able to manage their own accounts with a little assistance. Tech-savvy seniors should look into online banking, or as Bankrate recommends, consider trying apps that help, such as SilverBills or Ready, Set, Bank.

If your loved one wants to set up a nonprofit in their spouse’s memory and honor, you can help walk them through the process. Visit Zenbusiness to learn about legal requirements you need to tend to set up a nonprofit.

Health and Safety Concerns

Besides helping with the mundane financial tasks, you can also help by looking over your loved one’s financial statements to make sure their health needs are being met. This is especially important if your loved one is living alone because health and safety could become a concern.

One specific area to discuss is healthcare coverage. You can start by asking what kind of Medicare plan they have or if they get insurance through retirement benefits, either their own or through their spouse. This is a crucial question, as the death of a spouse may change your loved one’s eligibility for employer retirement benefits.

If your loved one has Medicare, you may want to look into whether a Medicare Advantage plan would be right for their financial situation. These plans are sold through popular companies like Aetna, and many seniors like the expanded benefits they provide, such as dental and vision care and prescription drug coverage.

Taking the Next Steps

Once you’ve looked at your loved one’s overall financial outlook, the next major question is “Where do we go from here?” Depending on your loved one’s income and savings, they may not need to make major changes. However, some seniors who become widowed are dealt a financial blow as a result of losing their spouse’s income.

In this case, it’s a good idea to seek advice from a financial advisor so that you don’t rush into decisions that could prove detrimental in the long term. For example, there are some tax implications of becoming widowed, including the decision to make early withdrawals from retirement savings. Doing this may seem like a good option for replacing a spouse’s lost income, but your loved one may lose out by having to pay additional taxes and penalties.

Another major consideration is whether your loved one will continue living at home. This is a personal decision, and finances are only part of the equation. If your loved one decides to sell their home, this is another issue where you want to do your research and consult with an expert, such as an attorney, who can guide you in the legal aspects of selling as a widow or widower.

By Jim|2023-06-30T10:36:49-05:00July 3rd, 2023|Dr. Mauk's Boomer Blog, News Posts|Comments Off

Guest Blog: Dental Care Tips for the Elderly

The National Institute of Dental and Craniofacial Research revealed in a survey conducted from 1999 to 2004 that periodontal disease (gum disease) is prevalent among seniors aged 65 and older.

Seniors who are smokers are at a higher risk of developing severe gum problems. The research is proof that proper dental care is vital at any age, but especially during the senior years when oral health is most sensitive.

To prevent periodontal disease and other problems that might require emergency dental care, you or your senior family member should follow certain oral health practices.

Tips for Elderly Dental Care

Brush your teeth and floss regularly

It is recommended that you brush your teeth with fluoride toothpaste two times a day. Be sure to do the brushing for at least two minutes, and be gentle. If you brush too hard, you might hurt your gums.

Flossing at least once a day is also an important dental care practice. Proper use of dental floss will help remove hard-to-reach food particles wedged between the teeth’ spaces.

Take in Calcium is an essential nutrient that contributes to bone and teeth health. A person who does not have enough calcium can develop osteoporosis, leading to teeth loss when the jaw bone is affected. It is vital, therefore, for seniors to include calcium-rich food in their diet.

According to the American Dental Association, seniors need an average calcium intake of 1,000 milligrams per day. You can get significant amounts of this nutrient from dairy products such as milk, yogurt, cheese, and vegetables like kale, spinach, and broccoli.

Besides calcium, it would help if you also had enough vitamin D in your diet as it is essential for the proper absorption of calcium-rich food.

Minimize sugar intake

Stay away from sweets that are rich in starch or starchy ingredients as this will destroy your teeth. If you eat or drink anything sweet, be sure to brush your teeth and floss afterward.

Stop smoking

As mentioned earlier, seniors who smoke are more prone to periodontal disease than non-smokers. Quitting may be challenging, but it’s well worth it because staying away from all forms of tobacco will protect you from gum disease and other dental problems.

Besides following the tips above, it would be best to visit your dentist every six months.

About the Author

Dr. Gary Salwin leads the Glendale Dental Group, Arizona. He and his team treat dental emergencies and perform a whole range of dental services. He has been practicing dentistry for more than 36 years.

By Jim|2023-01-09T11:14:25-05:00January 19th, 2023|Dr. Mauk's Boomer Blog, News Posts|Comments Off

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