Enhancing Eldercare: An Overview
As our loved ones age, managing their finances and navigating the complexities of daily life can become increasingly challenging. With other life commitments or physical distance, families struggle to find the right combination of help that can ease their workload and peace of mind. Thankfully, there are dedicated professionals who specialize in supporting elderly individuals in various aspects of their lives. Two essential roles in this regard are Daily Money Managers (DMMs) and Aging Life Care Providers (ALCPs). While they have distinct areas of expertise, these professionals can form a formidable partnership to enhance the well-being and quality of life for elderly clients. In this blog post, we will explore the valuable collaboration between DMMs and ALCPs and how their combined efforts can bring tremendous benefits to the elderly and their families.
Eldercare Dream Team:
Before delving into their partnership, let’s briefly outline the roles of Daily Money Managers and Aging Life Care Providers.
- Daily Money Managers (DMMs):
DMMs are financial professionals who specialize in assisting individuals with their day-to-day financial matters. They provide comprehensive financial management services, such as bill payment, budgeting, record-keeping, organizing tax documents, and monitoring financial accounts. Their expertise ensures that the financial affairs of elderly clients are effectively managed, relieving them of the burden and stress associated with financial tasks.
- Aging Life Care Providers (ALCPs):
ALCPs, also known as geriatric care managers, are healthcare professionals with a deep understanding of the aging process and its impact on individuals and families. They offer holistic assessments and personalized care plans to address the physical, emotional, and social needs of elderly clients. ALCPs coordinate and oversee healthcare services, provide counseling, arrange for home care, and offer guidance during important decision-making processes. Their expertise enhances the overall well-being and quality of life for elderly individuals.
The Synergistic Partnership:
The collaboration between Daily Money Managers and Aging Life Care Providers can be transformative for elderly clients and their families. Here’s how their combined efforts work together seamlessly:
- Comprehensive Assessment:
ALCPs conduct thorough assessments of an elderly client’s needs, taking into account their health, living situation, and overall well-being. As part of this assessment, the ALCP recognizes any financial challenges or vulnerabilities. They then refer the client to a DMM to evaluate their financial situation and ensure financial stability.
- Financial Planning and Coordination:
DMMs work closely with the ALCPs to develop a comprehensive financial plan that aligns with the client’s overall care plan. They collaborate to understand the client’s financial goals, assess available resources, and plan for long-term financial stability. This includes managing day-to-day financial tasks, organizing important documents, and coordinating with other professionals, such as accountants, estate planners, and wealth advisors, to ensure a holistic approach.
- Fraud and Scam Prevention:
Elder financial abuse is a growing concern, with scammers targeting vulnerable individuals. DMMs play a vital role in safeguarding the client’s financial assets. They implement measures to prevent fraud, identify suspicious activities, and provide education on financial scams. The ALCPs support these efforts by educating clients and their families about common scams and warning signs, reinforcing the protective measures implemented by the DMM.
- Decision-Making Support:
When major financial decisions arise, the DMM and ALCP collaborate to provide guidance and support to the client and their family. This could involve evaluating housing options, managing healthcare costs, or navigating complex insurance policies. The ALCPs contribute their expertise in healthcare and elder law, while DMMs bring their financial acumen to ensure informed decision-making.
- Regular Communication:
A seamless flow of information between DMMs and ALCPs is crucial for the success of the partnership. Regular communication allows for updates on the client’s financial situation, changes in care needs, and any emerging challenges. This ensures a coordinated approach, enabling both professionals to address issues promptly and provide comprehensive care to the client.
Eldercare Case Study:
Mr. C is an aging-in-place super-senior who until fairly recently was managing his own finances. He had an Aging Life Care Nurse, hired by his daughter, to be the “boots on the ground” in managing his complicated medical history. The ALC nurse helped figure out a good recurring time to make on-site visits, what days he had therapy or other doctor visits, and the time of day that he was most open to engage. The two also worked together in finding ways to help him save on medical costs, such as maximizing the side benefits of his Medicare Advantage plan and optimizing his Pharmacy benefits. One suggestion by the DMM was to mail-order prescriptions. In this case, it would not work well as many of the prescriptions required the ALC nurse to monitor and help the doctors “tweak” dosage and coordination with the pharmacy. They also worked together to establish recurring baselines for medical bills and therapies so that the DMM knew what were standard medical services and what were extra so that she could more effectively monitor the insurance Explanation of Benefits (EoBs) and make sure the client was paying exactly what he should.
With another Client, Mrs. M, the DMM and ALCA worked together to coordinate a cross-country move. Included in that was shopping for an appropriate Medicare Advantage Plan. The ALC nurse was able to identify potential doctors and their availability for new patients while the DMM kept in contact with brokers and coordinated the doctor and service needs while shopping for this insurance. The DMM also set up prepaid debit cards and safe ways for caretakers to pay for groceries and other expenses without handing out a credit card.
Conclusion:
The collaboration between Daily Money Managers and Aging Life Care Providers creates a powerful synergy that enhances the support and care for elderly clients. By combining financial expertise and holistic healthcare assessments, they address the diverse needs of the aging population. This partnership brings peace of mind to the elderly and their families, ensuring their financial stability, emotional well-being, and overall quality of life. Together, DMMs and ALCPs empower the elderly to age gracefully and navigate the complexities of life with confidence and dignity.
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Shannon T. Tefft-Janes, MBA, is a member of AADMM. She considers herself a financial fixer, a conqueror of chaos and an oblivator of the overwhelming. She is the owner of the Independence Navigator.
