As nursing homes in many states start to emerge from a four-month lockdown, residents and their loved ones are desperate for in-person visits. The federal government has issued guidelines for reopening nursing homes to visitors, and more than half of the states have authorized limited visitation.
Caregiving for a family member can be time-consuming and emotionally draining. It can also be financially draining.
According to the American Association of Retired Persons (AARP), roughly 50% of those aged 65 will need long-term care (LTC) one day. Long-term care insurance covers things not normally covered by regular medical insurance. This includes nursing home, assisted living or home care for those who need it, due to chronic conditions like dementia or other disabilities.
Each year, senior citizens lose billions of dollars to financial fraud, with the loss to individual victims averaging tens of thousands of dollars.
Scammers gravitate to tightened finances, like moths to a flame. To complicate matters, shelter-in-place restrictions have pushed people to make more online transactions. That means new opportunities for fraudsters to take advantage of seniors, who may be new digital accountholders.