How The Senior Safe Act Could Curb Elder Financial Abuse

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Elder financial abuse is scamming some 5 million older Americans a year, through cons like get-rich-schemes and fake fundraising campaigns. Trusted family members, friends, caregivers and financial advisers are often to blame, but unsolicited scams are also very common. With the problem escalating, lawmakers in Congress recently passed bipartisan legislation aimed at curbing it and protecting potential victims, known as the Senior Safe Act.

The motivation is two-fold: Lawmakers have a duty to protect their constituents, particularly the most vulnerable ones, and older people defrauded by these criminals often turn to Medicaid to cover medical costs, taxing an already broken system.

The Senior Safe Act and Elder Financial Abuse

In mid-March, as part of a bigger financial services overhaul package, the Senate passed the Senior Safe Act,  following a similar move by the House of Representatives. The bills must now be reconciled in order to get to President Donald Trump’s desk and become law.

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How The Senior Safe Act Could Curb Elder Financial Abuse