Featured News 2016 Financial Exploitation in Nursing Homes

Financial Exploitation in Nursing Homes

When an older person is living in a nursing home or assisted living facility, he or she can encounter unscrupulous individuals who target vulnerable adults for financial abuse. Such financial exploitation can wipe out an elderly person's savings, deprive them of heirlooms and beloved possessions, and rob the resident of economic security.

When elderly individuals enter a nursing home, they may need assistance with daily activities, such as feeding, bathing and shopping, and they may need others to assist them with financial affairs due to cognitive impairments.

Sadly, the very caregivers that are supposed to be taking care of elderly residents can be the ones who exploit them. As a concerned family member, you must help protect your vulnerable loved one from exploitation. If you detect any signs of financial exploitation, you must take action if your loved one is in jeopardy.

You must be watchful for:

  • Caregivers who gain access to your loved one's financial affairs
  • Caregivers who steal cash, credit or ATM cards, or personal possessions
  • Money that goes missing from bank accounts

Caregivers and other nursing home staff can take advantage of an elderly person. They may steal cash from the victim's wallet, purse or bank account, or borrow money and never repay it, or they may steal personal belongings from the resident's room.

According to the Consumer Financial Protection Bureau (CFPB), one study found that Americans lost at least $2.9 billion after being financially exploited in 2010, however, experts believe that the actual costs are much higher.

The CFPB says that financial exploitation is the most common form of elder abuse. While we are all potential victims of financially-motivated crimes, the elderly are at a greater risk due to cognitive impairments, such as Alzheimer's and dementia.

According to the CFPB, about half of the people living in nursing homes have dementia. Often, financial abuse is accompanied by other types of nursing home abuse, such as neglect or psychological abuse.

If you suspect financial exploitation, contact a nursing home abuse attorney immediately for help!

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