Technology-enabled financial planning for caregivers and clients with reduced capacity
Ended Project Grant Awarded Last action
- Award ID
- R44AG074121
- Recipient
-
Bridgesource Medical, Corp. UEI TJWEFWAH8JK6
- Awarding agency
-
National Institute on Aging
National Institutes of Health, Department of Health and Human Services
- Obligated
- $4,625,563
Award facts
- Assistance listing
- 93.866 Aging Research
- Completion date
- Originally
- Funding
-
- $4,425,563.32 Federal
- $200,000.00 Non-federal
- Place of performance
- Texas, USA
Award details come from USAspending.gov.
Description
- Abstract
- Caregivers of older adults with adrd are the largest unpaid, and untrained healthcare workforce in the US, with family caregiving valued at $470 billion in 2013 (higher than total medicaid spending for the same year). The temptation to take advantage of an impaired loved one may be exacerbated by the stress of taking over disorganized finances and absence of guidance. Lack of clinically guided financial support can also remove financial control from the person suffering from adrd prematurely. The decision to transfer control is typically made by the untrained caregiver acting on instincts, not by a trained clinician (who does not typically advise on finances) or financial advisor (who does not have clinical training). Each year, around 15% of U.S. Seniors are targeted by financial exploitation resulting in nearly $17 billion in losses annually. In over a third of these cases, $6.6 billion is lost to theft enabled by a trusting relationship with a caregiver (called elder financial abuse) annually, and even this may be an under-estimation. Aarp describes an average loss of $120K per victim, almost what an average 50+ household has in savings. The stress and isolation of unpaid caregiver workload may lead to resentment and increased risk of financial abuse. There is a need for increased communication, education, and a clinically validated methodology for determining when IT is necessary to begin transfer of control over finances. BSM proposes to develop a one-stop-shop technology enabled solution to address these three problems usable by a financial planner, older adult client, and caregiver.
Transactions
| Action | Federal | Non-federal | Date |
|---|---|---|---|
| Amendment | $0 | $0 | |
| Amendment | $0 | $0 | |
| Amendment | $998,064 | $0 | |
| Amendment | $998,064 | $0 | |
| Amendment | $59,072 | $0 | |
| Amendment | -$29,501 | $0 | |
| Amendment | $29,501 | $0 | |
| Amendment | -$59,072 | $0 | |
| Amendment | $59,072 | $0 | |
| Amendment | -$59,072 | $0 | |
| Amendment | -$29,501 | $0 | |
| Amendment | -$29,501 | $0 | |
| Amendment | $29,501 | $0 | |
| Amendment | -$29,501 | $0 | |
| Amendment | $29,501 | $0 | |
| Amendment | $979,528 | $0 | |
| Amendment | $979,528 | $0 | |
| Amendment | $0 | $0 | |
| Amendment | $0 | $0 | |
| Amendment | $0 | $0 | |
| Amendment | $0 | $0 | |
| Amendment | $0 | $0 | |
| Amendment | $200,000 | $0 | |
| Amendment | $99,880 | $0 | |
| Original award | $200,000 | $200,000 |
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Quick answers
Who received award R44AG074121?
R44AG074121 was awarded to Bridgesource Medical, Corp. by National Institute on Aging (National Institutes of Health) on September 30, 2021.
How much is award R44AG074121 worth?
$4,625,563 has been obligated on R44AG074121: $4,425,563 in federal funding and $200,000 in non-federal funding.
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