How a DMM's Knowledge Can Benefit Seniors
Whenever I begin working with a new client, I always ask:
“Do you have long-term care insurance?”
One client responded, “Well, I used to.”
He explained that the premiums had become expensive, and he thought he had stopped the policy, though he wasn’t entirely sure what was still active at that point.
We were able to locate the paperwork, and it seemed worth a quick phone call to confirm as I know that some plans will offer benefits – even after they have been stopped – because of the premiums already paid into the plan.
I put in a call to the insurance company, and sure enough, both he and his wife were each entitled to a $25,000 benefit.
At the time, they were in their 80s, and his wife required round-the-clock care, so that $50,000 made a meaningful difference.
What’s most surprising is how simple the process was. It was literally a phone call.
Some policies will ask you to submit claims, through which they will pay out the benefits, but in this case, we simply had to make the request and voila!
The first check arrived immediately, though I recall having to make a second phone call in order to ensure the second one came. But this was not an involved or specialized process.
All it took was a bit of insight about how these policies worked and some basic follow-up to ensure everything was paid out as it was supposed to.
Knowing What to Look For
This is one of the values a daily money manager brings.
While people often come to us to help make sure their bills are paid on time, or help them get organized for taxes, they don’t always realize all the different ways that we can help.
Clients benefit from the fact that we’ve spent nearly two decades supporting older adults, and that has allowed us to gain an immense amount of knowledge into benefits that people often leave on the table, as well as the process of claiming those benefits.
It’s true that we can’t make magic happen or create windfalls for every single client, but as a team, we’ve been able to accomplish some amazing feats for our clients!
When Things Have Fallen Behind
Not all wins are about uncovering monetary benefits; sometimes, it's about helping someone move forward when they feel stuck.
As an example, we received a call from a senior living facility telling us that they believed one of their residents could use some help getting organized on bills, and that she might be behind on taxes.
Unfortunately, this senior didn’t have much of a support system, which meant that a lot of things slipped through the cracks, and she wasn’t actually sure when the last time she filed taxes was.
I contacted the IRS on her behalf and was able to get the records of her previous returns, and we found out she hadn’t filed taxes for four years! We all know how stressful doing taxes is for a single year, but imagine how daunting the task is to do several years at once, especially when organization is a challenge.
For many seniors like her, this creates a lot of anxiety as they have no idea where to begin.
One Step at a Time
Getting back on track wasn’t quick or easy. It meant:
sorting through piles of paperwork
tracking down missing records
researching details related to an inherited annuity
piecing together what was needed, step by step
It wasn’t glamorous work, but it was necessary and we did get it done.
Support That Continues
That situation happened several years ago, and we’re still working together today. Since then, we’ve helped her stay current with her taxes, secure an accountant, and Power of Attorney to better support her needs.
I think it's important to realize how big of an impact stability can make to a person that's struggling. Getting caught up on bills or taxes may not seem like something to celebrate, but is it something that can make you sleep better at night.
If you, or a senior you know, could benefit from a patient team that brings knowledge and stability, you won't find one better than Everyday Money Management! Please contact us to discuss how we might help.