According to the U.S. Census, 40 percent of seniors in the United States age 60 and older have a low to moderate income. So, when the aging population is subjected to scams, fraud, and other forms of financial deception, it can be devastating.
In the nursing home setting, residents can be victims of financial abuse, often at the hands of the people they’re supposed to trust for 24/7 care and emotional support. Elderly nursing home members can be the target of financial exploitation, especially if they have Alzheimer’s, dementia, or a lack of familial involvement.
Financial Exploitation Takes Various Forms
There are a number of ways that an elderly individual can be financially exploited by family members and caregivers at nursing homes. In the nursing home setting, some forms of financial abuse include:
- Caregivers stealing residents’ cash or checks
- Caregivers stealing residents’ jewelry
- Caregivers gaining residents’ trust in an effort to be included in their wills, or entrusted to pay their personal expenses
- Caregivers convincing residents to buy them things online or in stores
- Caregivers pawning the residents’ valuable property
- Caregivers cashing out of the residents’ bank accounts by using debit cards at an ATM
While any one of us can be the victim of financial exploitation, credit card fraud, identity theft, or check fraud, elderly individuals can be at a higher risk. Taking advantage of cognitive impairments that come with aging may sound unlikely, but you’d be surprised how many people actually partake in these exploitive behaviors. For this reason, it’s important for those of us with loved ones in nursing homes to pay close attention to their financials to ensure this doesn’t happen to them.
If you suspect that your loved one is a victim of financial abuse, or any other form of nursing home neglect or abuse, we urge you to contact our firm to meet with a Marietta nursing home abuse lawyer.