Sen. Braun says the retired should be be able to stay retired

(FROM NETWORK INDIANA)

Sen. Mike Braun was in Indianapolis on Tuesday to hold a remote hearing of the Senate’s Special Committee on Aging.

The committee tackles issues as they relate to older Americans. Braun used the time to address several topics that he feels are directly impacting Americans who are of retirement age and they mainly had to do with the economy.

“Older Americans play such a critical role throughout the economy,” he said. “Even now some are considering coming out of retirement. A recent report showed that 43-percent of Americans are considering coming out of retirement. That’s probably not the plan that everybody was looking to happen.”

He said things like rising interest rates and the rising national debt are directly impacting retirement accounts and social security which help sustain older Americans in retirement.

Though Braun said that having older Americans in the workforce is crucial to the economy, they should not be having to come completely out of retirement in order to be financially solvent.

“For employers facing labor shortages, older workers can still fill those gaps,” Braun said. “A recent report showed that older workers will make up a quarter of the workforce by 2031.”

Braun said that number needs to come down. He said solutions to “reinvigorate the economy” need to be found so that workers can set more aside while they are working in order to avoid having to come out of retirement later on.

For starters, Braun suggests that the country quit borrowing so much money and driving the U.S. further into debt.

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Sen. Braun says the retired should be be able to stay retired

Senate Holds Hearing On Caregiving For Older Americans And People With Disabilities

 The Senate Aging Committee holds a hearing entitled, "21st Century Caregiving: Supporting Workers, Family Caregivers, Seniors, and People with Disabilities."

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Senate Holds Hearing On Caregiving For Older Americans And People With Disabilities

SUNDAY TALK: Grassley on Older Americans Month

Q: What policies are you pursuing to help older Americans, especially during the pandemic?

A: Since COVID-19 first was identified in February at a nursing home in Kirkland, Washington, the novel coronavirus has impacted older citizens in communities across the country. According to the Centers for Disease Control and Prevention (CDC), the infectious disease poses greater risk to older populations, especially those with underlying health conditions. The unprecedented effort to slow the spread of the virus and curb transmissions and infections is particularly acute for older residents in the nation’s nursing homes, memory care facilities and other residential care communities and for the health professionals who provide their around-the-clock care. The number of COVID-19 deaths linked to long-term care facilities, including residents and workers, accounts for a disproportionate share of coronavirus fatalities in the United States. As chairman of the Senate Finance Committee, which has legislative and oversight jurisdiction of Medicare and Medicaid, I work to ensure these public health care programs effectively serve older Americans. Medicaid pays for the lion’s share of nursing home care in the United States. During the pandemic, I’ve worked closely with the Trump administration to prioritize nursing homes and ensure they have the emergency medical equipment they need to protect staff and residents. Following my request for more transparency, the Centers for Medicare & Medicaid Services (CMS) required nursing homes to report COVID-19 cases in nursing homes directly to the CDC and to post testing data online. In addition, Congress swiftly approved a series of laws to respond to the coronavirus pandemic that support the health and well-being of older Americans, including $1,200 direct financial assistance payments, expanded Medicare telehealth coverage, and enhanced funding and flexibility for nutrition assistance and community-based programs delivered under the umbrella of the Older Americans Act, such as home delivered meals. Earlier this year, I helped secure a five-year renewal of the Older Americans Act that makes critical resources available to the nation’s network of Area Agencies on Aging to provide community-based services for older residents and individuals with disabilities so they may live independently and enjoy a higher quality of life. I’m glad President Trump directed the Federal Emergency Management Administration (FEMA) to deliver emergency supplies of personal protective equipment to more than 15,000 nursing homes in local communities across the country. The health care professionals caring for loved ones in the nation’s nursing homes are on the front lines of the pandemic. They need proper protective equipment as they care for patients from one room to the next. That’s also why I’ve called upon CMS to step up enforcement of infection control to protect our nation’s most vulnerable citizens throughout the pandemic and beyond.

Q: What reforms are you seeking to curb elder abuse and exploitation?

A: As former chairman of the Senate Aging and Judiciary Committees and now from the helm of the Senate Finance Committee, I leverage my leadership platforms to improve the quality of life for older Americans, such as my efforts to reduce prescription drug prices, curb age-related work discrimination and protect seniors from fraud and abuse. Within the next decade, all of the nation’s baby boomers will reach age 65 and older. Many older Americans depend on prescription medications to manage chronic health conditions and treat and cure disease. Iowans regularly share stories of financial hardship to pay for life-saving medicines, such as insulin. For two years I’ve built a bipartisan coalition with Sen. Ron Wyden to address the soaring costs of prescription drugs in America. Now more than ever, the pandemic underscores why Americans need affordable, innovative pharmaceutical treatments. Our Prescription Drug Pricing Reduction Act (PDPRA) would reduce out-of-pocket costs for seniors, bring stability and transparency to drug prices and save taxpayer dollars without hampering innovation and investment in pharmaceutical research and cures.

Unfortunately, criminals and wrongdoers are taking advantage of the pandemic to target older citizens with financial schemes and scams. Advocates say one in 10 Americans age 60 or older has experienced exploitation or abuse. As author of the Elder Abuse Prevention and Prosecution Act of 2017, I’m working to further strengthen tools to help prevent these crimes. My legislation established an elder justice coordinator in the Federal Trade Commission and the Department of Justice. This month I introduced bipartisan legislation with Senators Susan Collins and Bob Menendez that would enhance training resources to more effectively serve Americans with Alzheimer’s disease who fall prey to exploitation and abuse. The FTC is tracking a surge in COVID-19 fraud complaints, including travel offers, online shopping, bogus text messages and imposters posing as government representatives. Americans have reported losing nearly $37 million to fraud since January, with a median loss of $470. To report fraud, go to ftc.gov/complaint. For personalized attention free-of-charge, contact the Department of Justice Elder Fraud Hotline at (833) FRAUD-11. A case manager will walk you through the reporting process and connect you with additional resources and agencies. Reporting financial fraud within the first 2-3 days increases the chances for recovering losses. The DOJ hotline is open 7 days a week.

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SUNDAY TALK: Grassley on Older Americans Month

Suspected Elder Abuse Claims Quadrupled in 4 Years — Here's What to Know and How to Protect Your Loved Ones

By Alix Langone

Older Americans are at risk for losing more money than ever, thanks to a rise in financial exploitation targeting the elderly.

Financial scams and other crimes singling out older Americans quadrupled from 2013 to 2017 and involved more than $6 billion in fraud, according to a new report from the Consumer Financial Protection Bureau. The report examined 180,000 Suspicious Activity Reports (SARs) filed to the federal government by banks and other financial services providers. In 2017, 63,500 such reports were filed, representing more than $1.7 billion in suspicious activities that year alone, up from 15,600 reports and just under $600 million in 2013.

SARs are a way for financial services providers to notify government agencies and law enforcement of suspected financial crimes, and they are mandatory when a suspicious transaction involves at least $5,000 (or $2,000 for money services firms such as money order businesses check cashers and currency dealers).

Americans aged 70 to 79 suffered the greatest individual financial losses, at an average of $45,300. Overall, the average amount lost across all older age groups was more than $33,000, but that number jumped to $50,000 when the theft was being committed by someone the person knew, according to the report. If a stranger was involved, the average loss was $17,000. One third of the adults who lost money were 80 years-old and over, and they experienced the second highest average losses at $39,200.

Financial exploitation can happen to anyone, but older adults are more vulnerable to money schemes due to issues that disproportionately affect them, such as cognitive decline, social isolation, being dependent on a caregiver or experiencing financial insecurity themselves.

But many of the financial crimes against older Americans go unreported, with financial institutions failing to report the abuse to the proper authorities, the CFPB says, creating a missed opportunity to better protect seniors. The CFPB report estimates that more than 3.5 million instances of of elder financial abuse took place in 2017 alone.

One of the most common ways fraudsters ask older Americans to send them cash is by wire transfer — transactions that can’t reversed — meaning the senior who was tricked can never get his or her money back. More than half, or 58%, of SARs reports in 2017 were filed by money services businesses, which are frequently used to facilitate wire transfers, compared to just 15% in 2013, according to the report.

To avoid be taken advantage of by a family member or a stranger, the CFPB recommends some basic steps you can follow to protect yourself or a loved one.

• Plan ahead to take on power of attorney for a loved one who develops cognitive decline, or determine a trusted fiduciary who will do so.
• Secure private financial documents, monitor bank accounts, set up automatic payments and transaction alerts, and request receipts from designated caregivers.
• Do not let caregivers pay bills or use the potential victim’s credit card.
• Do not promise money to caregivers or family members after your death.
• Be wary of anything that seems “too good to be true” when it comes to investments, and be aware of Ponzi schemes.
• Understand FDIC insurance to know how you are protected.
• Avoid lottery, charity and phantom debt scams. Be aware of medical and mortgage scams, too.
• Never give money to people over the phone. For example, the IRS never asks for payment over the phone, so if you receive a call from someone saying it is the agency, hang up and call back on your own.
• Report any kind of fraud you encounter immediately.

If you believe you or someone close to you has been the victim of elder financial fraud you can report it to the Federal Trade commission here, or find your local adult protect services (APS) agency via the Eldercare Locator.


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Suspected Elder Abuse Claims Quadrupled in 4 Years — Here's What to Know and How to Protect Your Loved Ones