By 2050, well over a fifth of Americans are expected to be 65 and over. This is a large reason why, so far in 2020, venture capital firms have invested over half a billion dollars into U.S. startups focused on eldercare and home health care, according to data from Crunchbase.
The funding comes as older adults are increasingly opting to age in their own home as opposed to a retirement community, with data showing that three-fourths prefer to continue living in their homes as long as possible, according to an AARP survey. In addition, the pandemic fueled demand for at-home and remotely delivered health care and other services. This was in part due to the fact that roughly 1 in 12 older adults living in long-term-care facilities in the United States ended up passing away from COVID-19 transmission as reported by the Covid Tracking Project. For nursing home residents, the toll was even larger as roughly 1 in 10 residents ended up succumbing to the virus.
Since many older adults are choosing to age in place at home, it is important to recognize one of the more serious potential drawbacks: financial exploitation.
Elder financial exploitation is emerging as the most prevalent form of elder abuse, according to some studies. While the total national financial costs to the victims is very difficult to ascertain, CNBC finds that various studies indicate that seniors are scammed from between $3 billion to $37 billion a year. Between 2013 and 2017, those over the age of 70 lost an average of $41,800 to elder financial exploitation, according to an analysis by the U.S. Consumer Financial Protection Bureau.
This potential harm to seniors highlights the need to provide the necessary resources to caregivers and those choosing to age in place. SilverBills aims to be a part of the solution by providing a trustworthy, streamlined bill management service so seniors do not have to manage household bills without support.
SilverBills’ Founder, CEO and General Counsel, Marci Lobel-Esrig is a former Associate General Counsel at Sterling Equities, the New York Mets parent company. While at Sterling, she worked on remedying the huge financial loss suffered by her company, as a result of Bernie Madoff's crimes. At the same time, her elderly aunt was struggling with managing her household bills. Marci was inspired to start SilverBills after learning about the $1B elder financial exploitation crisis in the U.S. "SilverBills is a high-tech solution to household bill management, empowered by professional account managers whose activities are monitored using robust A.I. fraud detection, and audited by licensed CPAs. We help individuals outsource the job of managing household bills to trusted, vetted professionals with whom they can form personal relationships." Computer use on the part of SilverBills clients is optional. SilverBills also works with health care providers to facilitate financial well-being, which is a social determinant of health. Lobel-Esrig adds, "Through our monthly budgeting and guarantee of on-time payment of all bills, we increase financial well-being, leading to better health outcomes among our clients.”
For media inquiries please contact CEO Marci Lobel-Esrig: