The Prevention of Elder Abuse lists several ways older people might suffer financial harm. According to experts, yearly losses of more than $3 billion are attributed to fraud against elderly adults. So how can you aid in safeguarding your parent’s financial situation if they reside in a senior assisted living in Dallas, TX?
Older adults are among the group of people who are most susceptible to financial fraud and identity theft. They are a prime target since they frequently have sizable accumulated assets and good credit records but may have little knowledge of personal finance, online banking, or participation in their affairs.
Unfortunately, family members, acquaintances, and caretakers often commit fraud on retirees. Due to their lack of internet knowledge, they are more commonly the targets of digital fraud, such as phishing. Due to their frequent and larger need for medical treatment, older adults may also be more vulnerable to medical fraud, particularly insurance fraud.
Loved Ones Should Often Go Over Their Financial Records and Bills
A loved one should frequently go over the bills of their loved ones and look for specific anomalies that might indicate fraud. This is possible even if the loved one lives in a retirement community.
Do they recognize any of the bills? Are there any unaccounted-for charges on billing statements, and do their checking and other accounts balance correctly? Have accounts for collections from unidentified lenders suddenly started to arrive?
Any medical invoices should be checked for inaccuracies or services that were not rendered. Are payments from social security, pension funds, and other retirement accounts arriving on schedule or at all? If so, are they the right amount?
Find Ways to Simplify Their Finances
Every age group requires a reassessment of their financial situation, but the elderly in particular. If you check their credit report, you can find open accounts you had forgotten about.
A credit card is simple to store in a drawer and completely forget about. Closing unused accounts can help lower the risk of fraud since they can be a source of fraud. It may be simpler to secure your accounts if you have fewer of them.
Freeze Unused Credit and Debit Cards
Older adults may benefit from freezing their credit files, especially if they no longer require access to new credit or other services.
Some state regulations permit older citizens to obtain a free credit file freeze. Existing accounts can still be used after a credit file has been frozen. Delaying the information freezing can be the best option if they intend to apply for fresh credit.
The assisted living community may need tenant screening, which might entail looking at a credit report. If so, delaying the file’s freezing until after the procedure has been accepted could make things easier.
Provide Basic Education about Financial Fraud
Identify the fraud risks that your loved ones are likely to be a victim of, and then make efforts to teach them about these risks and how to avoid them. You may need to consult a specialist in the field for quality information, but this is usually money well spent. You can also consult the retirement community for information on any services provided to guests along this line. Ultimately, you will have saved your loved one from a lifetime of misery and regret.
