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The Money Management program at Elder Services, established in 1994, promotes independent living for elders on limited incomes who are at risk because they cannot manage their financial affairs.
Whether due to failing eyesight, shaking hands, impaired memory or other impediments, many older persons can no longer write checks, read bank statements, or keep current with their financial responsibilities. The program is free and allows elders to maintain their independence by helping them devise budgets, pay bills, and keep track of their financial matters.
Money Management works with elders in the most respectful way so their dignity, privacy, and independence are preserved. Two types of help are available: Bill Payer and Representative Payee. Bill Payer service is most common, and is provided to elders who have the ability to sign their own checks and direct the activities of the volunteers who help manage their finances.
Representative Payees are approved by the Social Security Administration to manage an elder’s finances after a physician has certified that such assistance is necessary.
Both Bill Payer and Representative Payee volunteers organize and pay bills, balance checkbooks, devise budgets, help with paperwork, and work with creditors, landlords, and utility companies on the clients’ behalf. Because they make regular visits to elders’ homes, the volunteers may notice other unmet needs. When appropriate, the elder can be referred for additional services including home care and Enhanced Elder Intervention.
All volunteers are screened and trained by the Money Management program coordinator and then matched with an elder who has been referred to the program. Sometimes individuals refer themselves for this type of help. After an initial meeting and a signed agreement, the volunteer meets with the client on a monthly basis. All information is kept in strict confidence.
The program is best illustrated through the following true story:
Ms. Lewis (not her real name) is an 74-year-old woman who was referred to the Money Management Program. She was paying more rent than she could afford, and was facing eviction from her home. Living on a fixed income, Lewis had incurred significant credit card debt in order to pay for several medications to alleviate chronic pain resulting from an accident. At the time of the referral she had an empty oil tank that the distributor would not refill due to non-payment for the previous delivery.
Lewis was matched with a Money Management volunteer, who designed a plan to address these significant challenges. In addition to preparing a basic budget to meet essential expenses, the volunteer was able to secure emergency fuel assistance, which allowed oil delivery to resume, negotiated with the credit card company for manageable repayment terms, and obtained the assistance of Elder Services Enhanced Elder Intervention program to facilitate Lewis’s relocation away from her unsatisfactory housing situation.
Thanks to the help received from Elder Services’ Money Management program, Lewis was able to avert her financial crisis and pending eviction, gaining more control over her finances and her life.
The Money Management Program is sponsored by AARP, Mass Home Care and the Executive Office of Elder Affairs. The program receives significant financial support from the Berkshire United Way, Northern Berkshire United Way, and the Williamstown Community Chest.
The Money Management program is available to elders 60 years and older with an annual income of $21,339 or less for an individual, or $30,195 or less per couple. Liquid assets cannot exceed $30,000.
To join the team of dedicated volunteers, call Angela Fields, Money Management Program Supervisor, at Elder Services, 413-499-0524 or 1-800-544-5242.