Nearly five million seniors in the United States fall prey to financial abuse each year. The National Council on Aging (NCOA) estimates the annual loss by victims of financial abuse to be at least $36.5 billion.
What is Financial Abuse in Nursing Homes?
According to the National Institute on Aging (NIA), financial abuse in a nursing home occurs when valuables, money, or personal belongings of a resident are illegally, fraudulently or without consent taken from them. It includes the unauthorized use of a long-term care home resident’s credit cards or bank accounts and forging checks. Financial theft may also include changing names on wills, bank accounts, and insurance policies among other assets.