Population of 90+ Year Old Tripled Within 3 Decades, Will Quadruple by 2050.

Posted by Catherine Fleming on January 13, 2012

The Census Bureau reports some sobering statistics: The segment of our population that is 9!Cedar Village.jpg0 years old or older has tripled in the past three decades to 2 million. The number is projected to quadruple by 2050.

As the economy continues to limp along and the aging population jumps, an increasing number of elderly people are forced to turn to their younger relatives. Unfortunately, these family members don't always have their vulnerable elders' best interest in mind. This is one of the key reasons why elder financial abuse is growing at epidemic proportions.

A recent USA Today article addresses this troubling problem, reporting the opening of the first elder abuse shelter in Ohio. Despite the statistics that point to widespread abuse, the total number of elder abuse shelters in this country are in the single digits, Non profit groups fund all of them.

Word still needs to get out that our the elder abuse problem is cutting across socio-economic lines.  

Don't Ignore the Elderly

Posted by Catherine Fleming on January 06, 2012

As we dive into 2012, politics and policy are at the top of many Americans minds. Indeed,!Rooney.jpg Republicans and Democrats alike are seeking votes from senior citizens. Seniors are more consistent and reliable as voters, and their population is surging. Compared to 2008, they now make up at least 23% of the voting population as of 2010--a 16% increase.

The older voters look at past actions rather than words, and are understandably concerned about Medicare and Social Security policies changes. As elder abuse grows, this aging population want the federal government to take action. More than 1 in 10 seniors will suffer as a victim of elder abuse, which will amount to almost $3 billion in one year.

Before their holiday break, Congress passed a huge spending bill for the rest of the fiscal year. But for a second year, Congress neglected funding the only comprehensive federal abuse prevention law, the Elder Justice Act. I'm not sure whether this was out of sheer stupidity or forgetfulness. Under two years ago, Congress enacted the Elder Justice Act, which indicated some recognition of the alarming proliferation of elder abuse in this country. While the law authorized the funds, a second bill needs to be passed to put the law into action. President Obama requested Congress to provide $21.5 million in startup funds for the Elder Justice Act in his 2012 budget. Yet, Congress ignored Obama's request.

A celebrity victim, Mickey Rooney, testified before Congress about his personal experiences with elder abuse. While his testimony attracted the media, his story seemed to fall on deaf ears of Congress to provide the needed funding.

A bipartisan, 3000 member Elder Justice Coalition plans to make funding for elder abuse prevention a political imperative to Congress and Presidential candidates. Funding for the Elder Justice Act is critical to promote jobs and protect senior citizens, while preventing wasteful spending by Medicaid and Medicare. Roughly $200 million is needed to fund elder justice, which is about 5% of what was recovered in 2010 by federal government in Medicare/Medicaid fraud and waste. 

Please do your part and let your Congressperson know that this is an important issue. It's about the welfare of your parents and parents' parents.

Financial Abuse Costs Seniors $2.6 Billion Per Year

Posted by Kevin Coluccio on January 06, 2010

Because I handle claims of Elder Abuse quite frequently, I like to stay abreast of developments in the communities in which I practice. The Senior Focus is a paper that published the latest issues facing Senior Citizens. They recently reported that financial abuse of senior citizens costs vulnerable adults up to $2.6 billion a year. 

The report, by the National Committee for Prevention of Elder Abuse, states that the abuse is often where you least expect it, from those taking care of the elderly. The Committee states the abuse is "most often perpetrated by family members and caregivers."

If you feel you may have been the target of elder financial abuse, you need to take action. Be wary of someone wanting you to place all of your financial assets with them as a trustworthy source if things go wrong. There are ways to structure your assets so that they can be used for your benefit without putting all your trust in one person. Additionally, if you do need to execute a power of attorney, place that power in more than one person. If you have two people who you trust, the second person can act as a check if the first begins to abuse their power over you. 

In addition, the article lays out other forms such abuse can take: marketing and repair scams, brokers, salespersons, loan officials. If something seems too good to be true, it usually is, and you should enlist the assistance of a friend, relative, or even an attorney to help you evaluate the deal. 

A common scam perpetrated not only on the eldery, but on anyone, involves "phishing". Phishing does involve fishing for your personal information through either the phone or the internet. If someone is asking you for your social security number or bank number, get their name and telephone number. After you have verified that they are who they say they are, you can call them back or visit in person. As a general rule, anyone that would call you and ask for such information is someone who shouldn't be getting that information in the first place -- if you're the one who called them, you probably already know the number you are calling is the right one.

$2.6 billion may seem like a drop in the bucket compared to things like defense spending and the annual budget, but the number should be $0. Learning the signs to watch for is the first step.