Examples of Financial Exploitation in Nursing Home Abuse

 Posted on February 15, 2024 in Nursing Home Abuse and Neglect

Nursing home abuse is a distressing reality that affects vulnerable individuals who rely on the care and support of these facilities. While physical and emotional abuse is more commonly discussed, financial exploitation is a lesser-known but equally significant form of nursing home abuse. If your loved one lives in a nursing home and you believe they may be the target of financial exploitation, contact an attorney in Illinois to get help right away

Forms of Financial Exploitation You Need to Be Aware Of

• Unauthorized use of resident funds – One common example of financial exploitation is when nursing home staff or caregivers misuse a resident’s funds without proper authorization. This can include stealing cash, forging check signatures, or using credit cards without consent. Such actions not only violate the trust placed in caregivers but also deplete the resident’s financial resources, leaving them vulnerable and financially compromised.

• Identity theft – Nursing home residents often have personal information readily available to staff members, making them potential targets for identity theft. Caregivers with malicious intent may use residents’ details, such as social security numbers or bank account information, to open credit accounts or make unauthorized transactions. This form of financial exploitation can have long-lasting consequences for the resident, leading to significant economic hardships.

• Coercion and manipulation – Financial exploitation can also occur through coercion and manipulation. Caregivers may pressure residents into changing their estate planning materials, granting them power of attorney, or making financial decisions that benefit the caregiver rather than the resident. By taking advantage of the resident’s vulnerability or cognitive decline, these individuals exploit their trust and manipulate them into making financial choices that are not in their best interest.

• Overcharging for services – Some nursing homes engage in fraudulent billing practices, overcharging residents for services they did not receive or inflating the costs of necessary care. This form of financial exploitation can drain a resident’s financial resources rapidly and leave them unable to afford the care they genuinely require. It is crucial for family members and loved ones to monitor billing statements and challenge any suspicious charges to protect their loved ones from such exploitation.

• Investment fraud schemes – In more complex cases, nursing home residents may fall victim to investment schemes orchestrated by immoral individuals. These schemes often promise high returns on investments or financial opportunities that seem too good to be true. Residents, especially those suffering from cognitive impairments, may be easily swayed into investing their savings, only to realize later they have been financially exploited.

Contact Our Hyde Park, IL Nursing Home Abuse Attorney

Financial exploitation is a very serious concern in nursing homes across Illinois. If you believe your loved one is being financially exploited, contact the skilled Chicago, IL nursing home abuse lawyer with Kadzai Law Group, LLC. Call 312-229-0050 for a free consultation.