Lakewood Has A Way To Help Prevent Elder Fraud

A grandmother doing something as innocent as buying you an inexpensive knick knack online may leave her vulnerable to fraudulent vultures, which is becoming a growing problem for elders.

Lakewood’s Division of Aging is hoping to help by holding a month-long Senior Financial Workshop, beginning with a two-part presentation on elder financial abuse, beginning March 22.

The opening session will cover fraud targeted at senior citizens. From prescription drug and lottery scams to Medicare and Medicaid fraud, seniors lose an estimated $2.9 billion nationwide every year, according to a MetLife study.

The presentation will be hosted by Michael Floreth, a financial empowerment coach at the organization Empowering and Strengthening Ohio’s People (ESOP), a housing and financial-counseling agency approved by HUD.

The subsequent presentations will focus on budgeting goals and money-saving techniques.

The issue of elder financial abuse has recently received more attention. Last year, there was a Senate Special Committee on Aging hearing and the Department of Justice now provides an online reporting tool.

“If you’re 55 or older, ESOP has specific services geared to helping you make good financial decisions and maintain financial stability as you age,” said Toni Gelsomino, director of the city’s department of human services.

The Senior Financial Workshops will be held at the Lawther Center between 2 to 3 p.m. on Tuesdays. If interested, you can register by calling 216-529-5005. Check out the other sessions below:

• Session 1 – March 22, 2016: Recognizing and Avoiding Elder Financial Exploitation Part 1
• Session 2 – March 29, 2016: Recognizing and Avoiding Elder Financial Exploitation Part 2
• Session 3 – April 5, 2016: Budgeting and Goal Setting
• Session 4 – April 12, 2016: Understanding Credit and Debt
• Session 5 – April 19, 2016: Building Savings and Protecting Assets
• Session 6 – April 26, 2016: Creating an Action Plan