If you are concerned about an elderly loved one meeting their financial obligations, you might feel like you not only have to manage your own money, but their money too. But there can be help.
What is a DMM?
A daily money management program, or DMM, is a service for seniors who struggle to handle their financial responsibilities.
How does it work?
A DMM can be thought of as a personal money assistant. Seniors can get help with:
- Remembering important financial dates
- Paying bills
- Making deposits
- Maintaining financial records
- Communicating with creditors
- Guarding against identity theft
- Creating and maintaining a budget
What are the benefits?
- A DMM can not only help protect a seniors assets, but spare them the embarrassment of money missteps
- It can help an elderly person stay in their own home instead of needing to move into a retirement facility.
- Family members have less stress knowing that their loved one has some help taking care of their money.
- DMM staff can help a senior understand complicated medical bills that are tough for people of any age to interpret.
- If a senior has trouble writing checks or going to the bank, a DMM can help alleviate these problems.
What should I be careful about?
- There is no direct government oversight of the DMM industry, so it is important to choose carefully when selecting a DMM plan. Seek out referrals from friends or family if possible. Set up interviews with 2-3 different providers to learn about their services and safeguards they take. Ask for references and contact them.
- Fees cover the expenses of providing this service, so carefully weigh the expense.
- Because you are trusting someone else with your loved one’s money, it is important to periodically review the actions taken by the DMM representatives.
Who provides the service?
The following sites have developed a reputation for providing information on trusted DMM providers: