Preventing Financial Elder Exploitation

The nonprofit Investor Protection Trust (IPT) recently surveyed 762 securities regulators, adult protective services workers, medical professionals, law-enforcement officials and others on the “front lines,” and discovered these alarming statistics:

• 58 percent of the respondents said they deal with elderly victims of investment fraud and financial exploitation “quite often” or “somewhat often.”
• 96 percent of the experts say the problem of financial swindles that target the elderly is “very serious” or “somewhat serious.”

An earlier IPT survey found that over seven million older Americans have already been victimized by a financial swindle—that’s one in five people over age 65! IPS president Don Blandin says, “The message from those on the front lines of investor protection is clear: swindles targeting older Americans are a bigger problem today than ever before.”

The IPT has sponsored the Elder Investment Fraud and Financial Exploitation Prevention program, which educates doctors and other medical professionals to be alert for signs that a senior patient is being victimized, or might be at risk of investment fraud due to cognitive impairment or other reason. IPS chairman Robert Lam says, “We need to recognize that there is a medical component to elderly investment fraud that cannot be addressed solely by regulators. As state agencies, we need to combine our efforts with the unique front-line perspective of doctors, adult protective services and other professionals to get help to victims, and those most at risk of becoming victims, at the earliest possible point. Together, we can do an even better job of protecting our seniors and their money.”

To learn more about preventing financial elder abuse, view the “Elder Investment Fraud: a National Epidemic”Elder Investment Fraud: A National Epidemic video on the IPT website.

CayCare is a proud member of: 

National Association of Professional Geriatric Care Managers

National Association of HealthCare Advocates

Case Management Society of America

Do Driver's Tests Provide and Accurate Picture of a Senior's Driving Ability?

Do Driver’s Tests Provide an Accurate Picture of a Senior’s Driving Ability?

The issue of seniors and driving is coming more to the forefront with the aging of the baby boomers. Families worry whether their older loved ones are safe behind the wheel—and when a senior is diagnosed with Alzheimer’s or other memory loss, family are especially concerned. Much research is underway to understand the decline in driving ability as people age. This is not a simple subject.

Researchers at the Rhode Island Hospital’s Alzheimer’s and Memory Disorders Center wanted to find out whether standardized road tests can determine whether older adults should continue to drive. The researchers installed cameras in the cars of 103 older adults, some of whom had mild cognitive impairment. They wanted to observe the drivers “in their natural state—in their own vehicles going about their daily routines.” They found that some cases, seniors were actually better drivers than their driver’s test would suggest.

Lead author Jennifer Davis, PhD, reports, “Many older people don’t like to drive far from their homes; they like to stay in their comfort zone. They don’t drive many miles, and they often avoid driving at night. Taking them out of that comfort zone and placing them in an environment of formal test-taking—one with carries with it potentially life-altering consequences (loss of their driver’s license)—may lead to significant anxiety, which in itself could impair their driving abilities.”

The study, which was published in the Journal of the American Geriatrics Society, showed that people with cognitive impairment made more errors both on the driving test and in day-to-day driving. However, the errors made during normal driving were less serious. The researchers say this study suggests that mild cognitive impairment shouldn’t result in an automatic revocation of a person’s driver’s license. Said Davis, “Rather, it should emphasize the importance of monitoring an older person’s driving so that he or she can safely maintain their mobility and independence for as long as possible.” She added, “It’s natural to worry about older adults behind the wheel, even more so if they appear to have memory or cognitive issues, or have been formally diagnosed as such. But many of the people in our study drove safely.”

Dictionary of Eldercare Terminology: 95-Year-Old Attorney Releases Updated Edition of His Classic Compendium

Anyone in the field of aging knows that it has its own unique language. Understanding all the shifting terms, however, can be a challenge. Walter Feldesman, a prominent New York attorney for more than 65 years, recognized this need in 1997, when he published the first edition of his Dictionary of Eldercare Terminology .

It remains the first and only dictionary defining eldercare words and terms.

At 95, Feldesman recently released the third edition of the dictionary and is making it available online through the website of the National Council on Aging (NCOA). “Walter is an incredible example of someone who continues to contribute to society well past the traditional retirement age,” says NCOA President Jim Firman. “That’s why we gave him the first NCOA Exemplar of Vital Aging Award in 2009. Now, we’re proud to offer his newly updated dictionary as a great online resource for anyone interested in aging.”

Feldesman entered the world of elder law informally in 1990 when his bedridden mother-in-law asked him who was paying for all of her care. He did not have an answer—so he started researching.

The result was a comprehensive dictionary that includes overviews of major eldercare fields, including home care, long-term care insurance, Medicaid, Medicare, Medicare supplemental insurance, and Social Security. The new, third edition includes a wide mix of gerontological terms, as well as financial, estate planning, and legal terms related to eldercare.

The first two editions were quoted, cited, and accredited by many sources, including Medicare’s consumer handbook Medicare and You and the official Medicare website, www.medicare.gov.

Feldesman has served on numerous boards, including NCOA’s Leadership Council. He enjoyed a long and distinguished career as a corporate attorney, director of public companies, hospital and college trustee, philanthropist, and author.

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