Thursday, January 28, 2021
A new GAO report was released last week. ELDER JUSTICE: HHS Could Do More to Encourage State Reporting on the Costs of Financial Exploitation offers fast facts, highlights and the report, all available for download or access via the links. Here are the fast facts:
Financial exploitation of elders—illegal use of their funds or property—affects the victims, their families, and society. Estimated financial costs to victims are in the billions.
Most state-run adult protective services agencies have provided some data on financial exploitation of elders to the Department of Health and Human Services. But it's hard to collect the data because
not all incidents of exploitation are reported to state agencies
victims can be reluctant to implicate family members or caregivers
HHS and state data systems may not align
We recommended that HHS work with state agencies to improve the data on financial exploitation.
Consider this from the report:
Studies estimate some of the costs of financial exploitation to be in the billions,
but comprehensive data on total costs do not exist and NAMRS [National Adult Mistreatment Reporting System] does not currently collect cost data from APS agencies. The Consumer Financial Protection Bureau found actual losses and attempts at elder financial exploitation
reported by financial institutions nationwide were $1.7 billion in 2017. Also, studies published from 2016 to 2020 from three states—New York, Pennsylvania, and Virginia—estimated the costs of financial exploitation could be more than $1 billion in each state alone. HHS does not currently ask states to submit cost data from APS casefiles to NAMRS, though officials said they have begun to reevaluate NAMRS with state APS agencies and other interested parties, including researchers, and may consider asking states to submit cost
data moving forward. Adding cost data to NAMRS could make a valuable contribution to the national picture of the cost of financial exploitation. Recognizing the importance of these data, some APS officials GAO interviewed said their states have developed new data fields or other tools to help caseworkers collect and track cost data more systematically. HHS officials said they plan to share this information with other states to make them aware of practices that could help them collect cost data, but they have not established a timeframe for doing so.