National hotline to educate callers on elder financial abuse; cognitive impairment a growing concern

A national hotline for seniors and adult children of the elderly will be available on November 10 to combat the financial swindling of senior citizens, according to a new collaboration between several national protective groups.

Of particular concern are seniors with mild cognitive impairment who become confused when managing their finances, said the collaborative, consisting of the National Adult Protective Services Association, the Financial Planning Association, Baylor College of Medicine, the Investor Protection Trust and Investor Protection Institute.

“Our primary goal is to expand and improve the communication between medical professionals, older Americans, adult children and state securities regulators in order to head off financial swindles before the damage is done,” Investor Protection Trust President Don Blandin said.

Three separate call-in lines will be made available on November 10 covering general finance, medical and financial abuse questions from 9 a.m. to 6 p.m. EST.

The toll-free hotlines will address questions and offer advice in the following areas:

● General finance questions: (888) 227-1776. Callers are encouraged to dial into this number to speak with an expert from the Financial Planning Association about their family financial security. FPA professionals can also help initiate a conversation about money with adult children of older parents in order to help prevent elder investment fraud and financial exploitation.

● Medical questions: (888) 303-0430. Callers to this number can get advice from healthcare professionals about medical issues such as mild cognitive impairment that can impact an older person’s ability to make financial decisions. The healthcare professionals will educate callers to recognize the warning signs of vulnerability to financial abuse and suggest referral routes for further medical screening.

● Financial abuse questions: (888) 303-3297. Callers to this number will speak with an adult protective services professional about elder financial abuse and strategies for keeping themselves or older loved ones independent. Callers can get information on how to recognize the most common ways that older adults are financially exploited and methods for preventing elder financial abuse. APS professionals will also help callers take the proper steps if they suspect that a loved one is currently being financially abused or exploited.

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