Care management, like that provided by Friends Life Care, is critical to maintaining a senior’s well-being.

Additionally, a senior’s ability to handle their personal affairs, including managing their bills and accounts, is critical for them to successfully age in place. It is important to identify someone to fulfill this responsibility.  It can be a family member or paid service. Regardless, assistance with paying bills (daily money management) goes hand in hand with care management when it comes to aging in place.

What is Daily Money Management?

Daily money management includes everything from gathering mail, scheduling payments, reviewing bank statements, and monitoring accounts. Depending on the client’s needs, these services can be performed monthly, every other week, or even weekly. Typically, a client manager will prepare checks for the senior’s signature.

Why, as people age, do they need assistance with paying bills?

The need for bill-paying assistance can be triggered by several things. Shaky handwriting, deteriorating eyesight, and simply less energy  are physical reasons why help becomes warranted. Time is also a factor. Maybe the senior is now caring for a spouse or consumed with their own health issues to effectively manage their finances.

In some cases, the seniors may find themselves assuming responsibilities that had once belonged to a spouse and they feel overwhelmed.

decline is also a major reason for the need for bill-paying services. Invoices become more difficult to decipher. The math associated with balancing check registers becomes more difficult.

Doesn’t autopay fulfill this need?

While autopay is an option for some, many seniors are uncomfortable with the technology. Autopay also won’t monitor discrepancies. Why has the water bill tripled? Did the technician charge twice? What is this bank fee?

Having a trusted partner who routinely oversees accounts can make sure bills are organized, paid timely, and correctly.

What about taxes?

Tax time can cause anxiety for anyone but can be especially stressful for seniors. Our client managers will gather the necessary documents and work with accountants or financial professionals to make sure filings are completed on time.

How does a bill payment service complement care management?

The nature of care management is healthcare, and healthcare includes insurance. We help manage insurance claims, track charges, and reimbursements. We develop budgets so that when healthcare decisions need to be made, the finances are easily factored in.

Given that we are onsite and reviewing financial statements, we can alert the care management team or family members if we see red flags or notice irregularities in physical or mental health.

Working together to promote independence.

Our mission at Life Managers & Associates is to enable independence for seniors. Where care management firms like Friends Life Care help a senior navigate the healthcare system, we assist with financial management. We are problem solvers on the home front.

We respect that our clients are smart, educated, and successful people who want to preserve their independence and make their own decisions. And we work with them, their families, and professionals to help them accomplish their goals and live their best, well-maintained lives.

Contributed by:

Bode Hennegan – Founder & President: Life Managers & Associates

Bode is a passionate advocate for independent aging and an experienced resource for aging in place in the Philadelphia region. She holds an MBA from St. Joseph’s University and a BS in Management from Thomas Jefferson University. She is a Certified Aging in Place Specialist and a graduate of the Goldman Sachs 10,000 Small Business program.

Bode has a longstanding history of service to the community. She currently serves on the board of the Philadelphia Chapter of the Financial Planners Association (FPA) and the Montgomery County Estate Planning Council (MCEPC) and is an active member of the Philadelphia Estate Planning Council, the Life Planning Network, and the American Association of Daily Money Managers.

​An avid runner who competes in multiple triathlons each season, Bode and her husband live in Wyndmoor, PA and have four adult children.

 

 

 

Friends Life Care  includes informational posts on the eMeetinghouse blog. to share aging in place health, wellness and prevention information for seniors and baby boomers.  Because Friends Life Care is a Quaker values nonprofit, the organization has served more than 5,800 older adults over 30 years.  Friends Life Care’s mission is to help ensure people can thrive at home as they age.  For baby boomers that are not yet Friends Life Care members, we encourage you to reach out with any questions about your plans for the future. And one of our Plan Counselors can speak to you regarding benefits of joining.