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Financial Protection from Exploitation with Assisted Living Services

Posted by HarborChase on Aug 8, 2018 8:00:00 AM | 3 minute read

senior living servicesAt HarborChase, we strive to deliver unparalleled secure and reliable assisted living services to our seniors, however; the number of seniors being exploited continues rising as many other individuals and institutions continue to take advantage of them. “According to a True Link Report on Elder Financial Abuse 2015, prior efforts at quantifying the problem have severely underestimated how much seniors have lost. . . [their] estimate came in at more than $36 billion [annually].” 

Our objective is to nationally help seniors understand the problem and equip guardians and seniors with the knowledge and assisted living services needed to fight against these exploiters before they can take advantage.

New Legislation Aids in Your Senior’s Protection

We understand how unfortunate it may be for seniors to work most of their lives and persistently save their money for retirement, only be exploited for their hard-earned financials. The Economic Growth, Regulatory Relief, and Consumer Protection Act collides many different provisions together one of which emphasizes the Senior Safe Act, SSA, which prevents financial service providers from engaging in elder financial abuse.

This act will concentrate on seniors of all ages nationally and make sure the number of exploited individuals decreases gradually annually. Some crucial and essential aspects of this act are that they require all financial providers to train their entire staff in detecting incidents of exploitation, even before they happen to grant them with immunity when reporting to the proper authorities. Moreover, this not only spares seniors from future exploitation, but it also increases awareness nation-wide and increases the trust between employees, seniors, and their family members.

Who Are the Exploiters?

HarborChase_SterlingHeights-4311The exploiters are not solely institutions, such as banks, as it may also be members close to the senior, such as a neighbor or even a friend. It is vital to know who is capable of committing such acts, but it is also important to realize that not everyone on the list below has the intent of exploiting your senior. This is merely a list to provide you with those commonly seen exploiting seniors.

  • Bank Institutions/Employees
  • Neighbors
  • Attorneys
  • Friends/Acquaintances
  • Some family members
  • Doctors/Nurses/Caretakers

Exploiters may take on many different forms, even via the telephone. It is essential to assist the senior your life in understanding and noticing the warning signs of a person ready and willing to take advantage of them.

How to Prevent Your Senior from Being Exploited

Seniors of all ages and even young adults are not immune to fraud, scams, and exploiters of different forms. Therefore, it is important to become equipped with awareness, preventative matters, and services of assisted living to conserve their money and protect them from future suffering. Here are a few helpful ways to avert your senior from these financial abusers:

  • Educate yourself and take advantage of the FINRA rule (permits broker-dealers to name a trusted person onto investment accounts and contact them to address suspected incidents) thus confirming:
  • Contact information,
  • ID of legal guardian, trustee, executor, etc.
  • Health status
  • Incorporate extra layers of protection by adding yourself or another guardian trusted by the senior to all their accounts and investments
  • Keep track of all accounts daily/weekly to confirm usual or unusual activities
  • Accompany the senior in your life to banks or institutes to ensure appropriate service is being provided

We’re Different, and We Care!

At HarborChase we enrich our seniors’ living conditions in the ways we envision ourselves living. We respect every single one of our residents and their family as we acknowledge their individuality and provide them with unique care. To read more about what we offer and how we protect and care for our residents, visit our blog.

Contact us today to give your senior and yourself a peace of mind with our safe assisted living services! 

Topics: Assisted Living

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