Nursing homes should provide a safe and caring environment for your elderly loved ones. However, financial abuse can sometimes occur, leaving seniors vulnerable and at risk.
Recognizing the signs of financial abuse can help you protect the well-being of your loved ones living in a nursing home.
Unexplained financial transactions
If you notice that your loved one’s bank statements show unusual withdrawals, transfers or payments, it could be a red flag. These transactions may be unauthorized and suggest that someone within the nursing home is mishandling their finances.
Missing personal belongings
Elderly residents often bring personal belongings with them to nursing homes, such as jewelry, cash or valuable items. If these items start disappearing without any reasonable explanation, it may indicate theft or financial exploitation by staff or fellow residents.
Sudden changes in financial documents
It can be a good idea to occasionally check on any wills, powers of attorney or beneficiary designations kept by your loved one. If changes suddenly occur, it could be a sign of financial manipulation. Ensure that any changes have your family member’s full understanding and consent.
Pressure to sign documents
Seniors in nursing homes may feel pressured into signing financial documents they do not understand. This can include contracts, loans or agreements that benefit someone else. If your loved one reports feeling pressured to sign such documents or you see evidence of this, it should raise concerns.
Reports show that elder fraud impacted 92,371 individuals in 2021. This statistic shows that malicious individuals will quickly seek to take advantage of elderly individuals who seem vulnerable. In a nursing home environment, that type of behavior can be even more dangerous.