Daily Money Managers for Older Adults

Author: AB Staff

Daily Money Managers for Older Adults

Editor Pick 2 Finances

Think of the constant influx of mail that arrives at your home every day: bills that need to be paid, bank statements, notifications for insurance policies, wills, retirement plans and more. Now imagine managing all this with impaired eyesight, decreased hearing, arthritic hands, or failing memory. Most of us would like someone professional to handle our day-to-day personal paperwork, bill paying and interactions with advisors, but in many circumstances for older adults, it becomes a necessity. Daily Money Managers/Financial Organizers can help.

A Daily Money Manager (DMM) works with older adults in their homes and has special skills that help clients maintain and organize their lives, all while protecting independence. In addition, the DMM has a wide array of resources on-hand to guide the client and their family in making the best decisions about legal documents, long-term care planning, housing options, care management, financial asset management, household management, and more.

Signs that a DMM may be helpful include:

• Complaints of paperwork
• Unpaid Bills
• One or more properties left uncared for
• Medicare, secondary insurance, and medical bills piling up and ignored.
• No Power of Attorney, Health Care Proxy, Advance Directives in place
• A recent death of the spouse who handled all finances and assets
• Letters from the IRS stating taxes have not been filed
• Rent, mortgage and/or insurance left unpaid, electricity to be shut off
• Home Health Aides needed, but it is unclear what fund will pay for the care
• Medicaid needed, but the process of applying is overwhelming

Early on, DMMs will sort through accumulated papers: locate bills that need to be addressed immediately; identify important documents and file appropriately. DMMs will help the client catalogue assets. Their expert eyes will notice clues that lead to forgotten assets, track down those assets and consolidate as appropriate. They can also help the client understand what may be included in the different elements of a will, Power of Attorney and Health Care Proxy and help communicate the client’s needs to an attorney. DMMs work with doctors and insurance companies to sort out whether medical bills and prescriptions are to be paid by the insurance company or the client.

If you or someone you love has questions as to whether a DMM is appropriate for you, request a free consultation with Alliance Health Homecare.