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Elder Financial Care

COVID-19 information for caregivers & older adults

According to the Centers for Disease Control and Prevention layer (CDC), older adults infected by COVID-19 have a greater chance of requiring hospitalization, including intensive care, and face a greater risk of death than other age groups. Whether you’re an older adult living in your own home or a caregiver to a spouse, older relative or friend or neighbor, knowing where to turn for information can ease your worries and reduce your anxieties.

We’ve compiled the following list of resources that provide reliable and authoritative information we hope will be useful to you.

AARP Community Connections layer facilitates connections among people in this time of social distancing. People share ideas and provide help to those most affected by the pandemic, including services like picking up groceries, providing financial assistance or lending emotional support.

AARP's Preparedness for Caregivers During COVID-19 (PDF) layer offers guidance and support to family caregivers, helping them create a plan for caring for older loved ones during the COVID-19 pandemic.

Administration for Community Living layer offers a page with guidance for older adults and people with disabilities including actions to take to reduce COVID-19 risk, planning resources, symptoms and emergency warning signs and links to state and local officials’ instructions.

Aging Care layer, which helps families find answers, care and information on eldercare, has a special section dedicated to caring for a senior during the COVID-19 outbreak.

Alzheimer's Association layer provides a variety of resources and support that apply to caregivers and older adults generally as well as for dementia caregivers and individuals in assisted living specifically.

Caregiver Action Network layer provides access to a Care Support Team, staffed by caregiving experts, to help you find the right information you need to help you navigate your complex caregiving challenges.

Elizabeth Dole Hidden Heroes Foundation layer has an extensive collection of resources for military caregivers and their families.

Family Caregiver Alliance layer provides a comprehensive collection of links to coronavirus-related resources and articles.

Rosalynn Carter Institute for Caregiving layer has a variety of tips and resources for caregivers.

In addition to managing the day-to-day challenges of the current environment, caregivers and seniors should be particularly wary of new dangers presented by scammers. According to the National Association of Insurance Commissioners page on COVID-19 scams layer, you should be aware of:

  • Vaccine and treatment scams advertising fake cures and treatments for COVID-19
  • Shopping scams claiming to sell high-demand supplies like hand sanitizer, masks, toilet paper or surgical gowns
  • Medical scams in which scammers pretending to be doctors or hospitals contact you saying that they‘ve treated a loved one for COVID-19 and demand payment
  • Charity scams asking for donations to benefit people and groups affected by COVID-19
  • Phishing and malware scams that may be used to access your computer without you knowing by tricking you into clicking a risky link or a dangerous email attachment

The FBI page on spoofing and phishing layer is also a good source for information on the most popular techniques being used by scammers.

We’re committed to helping our clients, teammates and communities move through this very challenging time period. Please visit the Bank of America coronavirus update page for additional information.

Thank you for being a valued client.

NOTE: Sources and links to external websites are for educational purposes only. Inclusion here does not imply Bank of America’s endorsement of any content or content providers.

Caring for older adults

The financial issues can be concerning

Did you know?

  • 10,000 Americans turn 65 each day (according to the Social Security Administration)
  • More than $37 billion is lost each year as a result of the financial exploitation of seniors (according to the Consumer Financial Protection Bureau)
  • Millions of Americans manage money or property for a loved one who is unable to pay bills or make financial decisions
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How Bank of America can help

Recent studies suggest that financial exploitation — the illegal or improper use of an older adult's funds, property or assets — is the most common form of elder abuse. Here are a few ways you can help guard against financial exploitation:

While these services can help guard against elder abuse, they're available to all our customers and can be appropriately used for a variety of needs, for example: naming a trusted contact could be important to a member of the armed forces who has been recently deployed, or setting up a joint account might be useful if you've recently been married. (If you're a Merrill or Private Bank client and have questions regarding these services and your accounts, please contact your Advisor for assistance).

Additional resources

We've assembled useful resources that can help you guard against elder abuse, assist in caregiving and help protect against fraud. These include:

> See all additional resources> See all additional resources> See all additional resources

Learn more and see how to set up a trusted contact
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A trusted contact is an individual age 18 or older who is identified by you as someone we're able to contact about your account for any of the following reasons:

  • To address suspicious financial activity on your account
  • To confirm specifics of your current contact information
  • To confirm your health status
  • To confirm the identity of any legal guardian, executor, trustee or holder of a power of attorneypower of attorneypower of attorney.

A trusted contact is not able to see your balances, gather any information about you, conduct transactions on your behalf or make changes to your account (unlike an account co-owner, who is able to conduct transactions such as deposits and withdrawals).

Designating a trusted contact is easy

Bank of America is the first major bank to allow clients to designate a trusted contact. Simply schedule an appointment to start your request with a financial center associate. Be sure to bring your government-issued photo ID plus contact information (name, address, phone number and email) for the person you want to designate as your trusted contact.

Schedule an appointmentSchedule an appointmentSchedule an appointment

Additional resources about caring for older adults
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AARP has a website dedicated to family caregiving that includes a wide range of excellent resources, including:

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Bank of America's Security Center has information about common financial scamscommon financial scamscommon financial scams and helpful resources like our fraud prevention checklistfraud prevention checklistfraud prevention checklist.

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Better Money Habits has a variety of resources focused on financial matters for seniors and caregiversfinancial matters for seniors and caregiversfinancial matters for seniors and caregivers, for example:

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Merrill has articles and information about caring for a loved oneinformation about caring for a loved oneinformation about caring for a loved one. They've also published a detailed report on Senior Financial Exploitation: Addressing a Hidden ThreatSenior Financial Exploitation: Addressing a Hidden ThreatSenior Financial Exploitation: Addressing a Hidden Threat (PDF, requires Adobe Reader layerAdobe Reader layerAdobe Reader layer).

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The Consumer Financial Protection Bureau is a U.S. government agency that makes sure banks, lenders and other financial companies treat you fairly. The Consumer Financial Protection Bureau website layerConsumer Financial Protection Bureau website layerConsumer Financial Protection Bureau website layer has a variety of helpful resources including:

elder abuse resource roadmap financial

The Dept. of Justice website has an Elder Abuse Resource Roadmap layerElder Abuse Resource Roadmap layerElder Abuse Resource Roadmap layer that can help you quickly find the right agency to report abuse that has affected you or someone you know.

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Need to make changes to an account?

Most account changes require that you schedule an appointment to meet with an associate in one of our financial centers.

Looking for notary services?

Bank of America provides our customers with notary services free of charge in our financial centers nationwide.