Veterans Protection Coalition Awarded for Elder Abuse Prevention Efforts

SACRAMENTO, Calif., Aug. 22 -- The California Department of Insurance issued the following news release:

The San Francisco Veterans Benefits Protection Project (VBPP) received a 2017 Aging Innovations Award from the National Association of Area Agencies for Aging (n4a) for its efforts to prevent and combat elder abuse. As a member of the VBPP coalition, the California Department of Insurance remains committed to protecting and educating seniors about fraud and scams.

VBPP was created in response to the devastating new form of elder financial abuse where financial predators target veterans with the sale of unsuitable deferred annuities and dangerous irrevocable living trusts in order to qualify the veterans for government benefits. This pension-poaching scam threatens the financial well-being of thousands of senior veterans across the country, despite recent legislation in California and other states to rein in the worst practices.

"This award recognizes coordinated efforts to protect elders," said Insurance Commissioner Dave Jones. "I am proud to be part of a coalition whose goals are to detect fraud at early stages and fight pension-poaching scams that target elder veterans. Our department is committed to working with other California agencies to educate veterans and their survivors about potential rip-off schemes and to end scams targeting senior veterans across the state."

Following National Senior Citizen Day, Jones encourages elders and their loved ones to remember these tips when purchasing insurance:

* Obtain all proposals in writing.

* Don't be pressured into buying any insurance product. Take enough time to review the information before making any decisions.

* Do not sign anything you do not understand.

* Consider having a trusted family member, friend or advisor participate in discussions concerning the purchase of any insurance product.

* Make sure the agent, broker and insurance company are properly licensed to sell the product you are considering purchasing. You can verify a licensee status.

The award-winning coalition, led by the Institute on Aging's Elder Abuse Prevention Program, brings together a variety of organizations, including the California Department of Insurance, Office of the Attorney General, San Francisco Mayor's Office, California Advocates for Nursing Home Reform, San Francisco Adult Protective Services, San Francisco Department of Adult and Aging Services, San Francisco County Veterans Service Office, San Francisco Long-Term Care Ombudsman Program, and the San Francisco Veterans Affairs Commission to educate and protect elder veterans.