» independent living http://seniorcareonline.net Tue, 11 May 2010 21:03:17 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Money Managers for Seniors http://seniorcareonline.net/money-managers-for-seniors/ http://seniorcareonline.net/money-managers-for-seniors/#comments Sat, 06 Mar 2010 15:59:31 +0000 srcarecons http://seniorcareonline.net/money-managers-for-seniors/ I don’t know if it is true so much in other places, but here in Appalachia folks play it real close to the vest when it comes to talking about money—especially their own money and how they manage it. Keeping up with bill paying, carefully checking each statement for accuracy, balancing the checkbook, or simply the act of writing checks, can become a burden for the elderly. And yet that old engrained idea that to talk about money issues is “not nice” or to ask for help isn’t okay is hard to shake.

I am proud to say my own mother still keeps her own checkbook and balances it to the penny every month. Still, there are times when she gets mail related to some aspect of her finances that she just isn’t sure she completely understands, or occasions when the bank statement doesn’t balance, or she forgets to send in a payment on time. I get the call and am very grateful that I am close enough to be able to help and am especially grateful that she asks. Many older adults don’t have a family member or trusted friend close enough to give them that sort of support. Many don’t want anyone to know they might actually need that sort of support. And yet keeping all the day-to-day financial stuff straight is key to independent living.

A sure threat to independent living is when the utilities, property taxes, quarterly taxes, or credit card statements don’t get paid timely. Daily money management is just one of the ways that an elder care coordinator can help seniors maintain their independence and give them peace of mind. Elder care coordinators who engage in daily money management services carry appropriate insurance and should be able to provide references to ease any concerns regarding their trustworthiness. The care coordinator will work with the older adult to develop a plan to review statements for accuracy, make sure financial obligations are disbursed appropriately, and that accounts are kept in balance. Mail can be reviewed, explained, and then acted on appropriately.

When I wear the Daily Money Manager hat, it truly isn’t just about the money. Underneath, my Care Coordinator hat is firmly in place. I can’t help but be attuned to other aspects of how the older adult is functioning. Having an elder care coordinator in the home on a routine basis can be a great asset in monitoring for when other support services might be needed too. What do you think? Take a moment to share your two cents worth. How do you think the services of a daily money manager would play out with the older adults in your life?

Watching the accounts,
Connie

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