Key Financial Factors for all Seniors to Understand

Advice from the Team at Our Assisted Living Facility in Rhode Island

Closeup of a Senior Woman Smiling on the PhoneUnfortunately, due to their trusting nature, seniors often tend to fall prey to identity theft, financial fraud and other scams.  From investment, health insurance and funeral scams to counterfeit prescription drugs sold over the Internet, fraudulent anti-aging products and fake accidents, unscrupulous parties have many ways to deceive seniors. It is also important to note that the perpetrators of such types of fraud are not always strangers. They may, in fact, be known individuals that the victimized senior trusts.

Follow these tips provided by the team at our assisted living facility in Rhode Island to protect your financial health:

  • Never sign a blank document or check
  • Don’t give out personal information in an email or to a stranger on the phone
  • Avoid dealing with door-to-door sales people
  • Learn about your healthcare coverage and identify any gaps
  • Be wary of investment schemes that promise high returns and no risk
  • Don’t feel compelled to help children or grandchildren with large sums of money
  • Never sign up for any scheme or service on-the-spot without checking it out thoroughly
  • Be aware of healthcare costs; a big illness can deplete your savings
  • Set up a power of attorney for someone you trust implicitly if you are unable to keep up with bill payments or make financial decisions
  • Do not open or click attachments from unknown or unsolicited senders

Senior Man Giving Credit Card Details On The PhoneOne of the ideal ways to protect yourself or an aging loved one from scams is to have someone check in on them regularly.

At Wyndemere Woods Assisted and Independent Living Community in Woonsocket, Rhode Island, we have an open-door policy. Families are encouraged to visit their loved ones and stay involved in their lives. You can spend as much time with your family member reviewing their finances or whatever else they may need. You also won’t have to worry about them opening the door to strangers and falling prey to their schemes.

A wide range of services and amenities help provide the care they need and keep them engaged. You will have peace of mind knowing they are safe, happy and well-cared for here.

Contact Wyndemere Woods Assisted and Independent Living Community at 401-762-4226 for more information or fill out our online form to book a tour.

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