Nothing changes with Premiere Elements after the version's "model year". Around the end of September each year, a new version of Premiere Elements is released. Previous versions remain untouched.
Do you have Quicktime on your computer? Have there been changes to your phone's software?
The symptoms you describe also suggest there may be issues with your disk drive or RAM. Premiere Elements needs a lot of space on the HDD for preview and cache files. Are there programs running in the background (like antivirus software) that are using up portions of RAM?