Money Management

Summary

The Money Management Program recruits, trains and supervises volunteers to serve as Bill Payers and Representative Payees, matching them carefully with clients in need. Most of these clients have difficulty paying their bills due to poor eyesight or paralysis, feel overwhelmed by the process, or were dependent on a spouse or relative who has passed away.

Cost of service to client

Free to seniors 60 years of age and older with income limits of $23,475 (single) or $33,217 (couple), who do not possess liquid assets in excess of $35,000.

Volunteer opportunities

Each volunteer in the Money Management Program undergoes intensive training and is monitored and supervised. Each volunteer is insured by AARP insurance. All client accounts are professionally managed and monitored.

• • Bill Payer volunteers help prepare a monthly budget; help the client balance his or her checkbook and reconcile bank statements; assist the client with organizing and then paying bills; and help write checks for the client’s signature.
• • Representative Payee volunteers are appointed by the Social Security Administration, assume legal authority to write and sign checks on behalf of the client, prepare a monthly budget for the client, balance the client’s checkbook, and are able to cash a check and provide client with spending money.
• • Volunteer Monitors are also volunteers; they monitor clients’ bank statements and cancelled checks on a quarterly basis to ensure that all financial matters are being handled accurately.

About the Money Management Program

HESSCO Elder Services’ Money Management Program is part of a national program that was developed by the American Association for Retired Persons (AARP) in 1981 and established in Massachusetts in 1991. It is jointly sponsored by AARP, the Office of Elder Affairs and the Massachusetts Home Care Association.

Our free programs primarily assist low-income people aged 60 or over living in one of the 12 towns served by HESSCO Elder Services, who have difficulty paying their bills on time or managing their money and have no family or friends to help them.

The Bill Payer program provides valuable one-on-one money management services to low-income elders who need assistance with their financial affairs. These services include organizing clients’ bills, writing checks for payment, balancing checkbooks, reviewing bank statements, and developing a budget. The client in this instance signs all checks and has full control over how his or her money is spent.

The Representative Payee program involves the complete financial management of a government benefit on behalf of a person determined incapable by a physician. The Representative Payee handles funds on behalf of the client, signs all checks and maintains control of the client’s benefits. The Representative Payee bears a higher responsibility for allocation of the client’s funds. The Payee signs checks for the client’s expenditures and is responsible for ensuring that the elder’s financial needs are being met.

To ensure that the program is run safely, all client checks and statements are reviewed on a quarterly basis by a group of volunteer monitors. In addition, AARP insures each client’s checking account for $10,000 against misuse, theft, or fraud.

Frequently asked questions

Q: Who is eligible for this program?

A: People 60 years of age and older with income limits of $23,475 (single) or $33,217 (couple), who do not posses liquid assets in excess of $35,000, who live in any of the twelve towns served by HESSCO Elder Services.

Q: How much does this program cost?

A: It is free.

Q: How would I know I might benefit from the program?

A: If any of the following statements seem familiar, you might benefit from the money management program:

• • Bills are piling up but you’re not sure how or when to pay them.
• • You’re having trouble telling the difference between legitimate bills and junk mail.
• • You find it difficult to turn down solicitors who call you on the phone or come to your door asking for donations.
• • You’re ashamed to admit – or you suspect – that family, friends, or acquaintances are cheating you out of your money.
• • You forget to write numbers in your checkbook, add or change numbers that don’t belong in your checkbook, or forget to sign checks.
• • You forget to respond to notices from creditors.

Client snapshot

Mrs. Frene had lived a stable, middle-class life, working and raising a family in a quiet suburb. After her husband died, Mrs. Frene suffered a stroke that left her partially disabled, with impaired vision. At 74, she found herself increasingly isolated and disoriented. Without even realizing it, Mrs. Frene fell behind in her rent and utility bills. She would cash her Social Security check and forget where she stashed the money. She felt nervous and overwhelmed.

Mrs. Frene’s neighbor recommended her to HESSCO Elder Services’ Money Management Program. Now she is visited regularly by a volunteer Bill Payer who prepares a monthly budget with her and helps her track where her money is going. He helps her write checks and pay bills, and she enjoys their conversations. This little bit of help has made Mrs. Frene feel in control of her finances, giving her something she hadn’t had in quite a while: peace of mind.