Recently scanning Kodachrome slides, there were also some Ektachrome slides which had lost color and turned red. Web research says this is a loss of Cyan (blue). It would seem that Adobe could easily add a PS Elements feature which could correct the red issue.
Unfortunately there isn't a one size fits all for color correcting faded/damage negatives or images. Elements has tools to adjust the color back to a natural white balanced state: White balance image Photoshop Elements