Sadly enough, we’ve all heard a story about someone’s elderly parent who was the victim of a financial scam. Whether they were taken for thousands of dollars that they’ll never get back or their credit card was fraudulently charged, the situation is very unfortunate. Because of the frequency of these misfortunes, it can be difficult for loved ones to continue allowing their aging parent to be autonomous as the balance between independence and personal safety becomes more delicate. If you find yourself thinking about how much your loved one needs help managing their finances to not only avoid scams but to manage their money regularly, a daily money manager may be something to consider.
What is a money manager?
Having someone to take care of the financial burdens for an older friend or family member would lessen the burden directly on them. Hiring a daily money manager provides this service while relieving family and friends of the duty. These professionals will help provide a stress-free retirement by lifting the burden of daily finances and are dedicated to finding the perfect balance between independence and guidance to ensure that older individuals are protected financially without feeling controlled.
Daily money managers can help with Medicare and doctor bills
Deciphering medical bills and Medicare coverages can be a full-time job in itself. A Daily Money Manager is able to work with seniors to decode coverages and charges. Understanding the process and how coverages are used is another way to help your senior remain autonomous. This will also help them feel in control of their day to day living.
Daily money managers can assist with fraud
As stated previously, fraud scams are sadly becoming the norm in our society. Criminals like to prey on the naive and defenseless. Our aging loved ones fit into this category and they may not know what to do if faced with a financial crime. A daily money manager acts as the first line of defense against these frauds by overseeing how a person’s money is used. They can help set up fraud alerts or fraud protection on accounts. Additional, if there is suspicious activity in bank or credit accounts, a money manager can help determine the cause. If the activity is fraudulent, the money manager will know how to alert authorities to rectify the situation.
Finding a Balance
Loved ones don’t want to admit that their family member or friend is not as capable as they once were. Furthermore, when help is needed, it is hard for individuals to request it. Money managers provide the necessary financial oversight for those who aren’t capable of handling their funds alone. These professional managers offer a perfect balance between senior independence and protection. Older individuals still have access to their money and can spend how they please. A money manager simply helps with money management like handling medical bills and protecting against frauds.
Choosing the Right Money Manager
Hiring a money manager is not something that should be taken lightly. It is critical to ensure that a money manager has the necessary qualifications and certifications. Hiring through a reputable company or organization is a great way to find a high-quality money manager. It is also important to find a money manager that is personable as well. No one wants to have someone they conflict with controlling their funds. When seeking a money manager, make sure to get input from the individual who the money manager will be working with so you know their needs and wants are being met.