Daily Money Management – What is it? - An Overview
 Daily Money Managers provide personal business assistance to clients who have difficulty with, or lack the time needed for, personal monetary affairs. The expertise of DMMs covers a broad range of tasks. The actual work they do depends on client need; however, the scope of services generally includes: Bill paying, including calls to payees regarding incorrect bills and preparation of checks for client signature. Reconciling checking accounts and investment statements. Preparing and making bank deposits. Organizing tax documents. Negotiating with creditors. Reviewing medical insurance papers and verifying proper processing of claims. Providing general organizational assistance. Referring clients to legal, tax, and investment professionals and to community resources. The involvement of an outsider in personal financial affairs may be too intimidating for some, but most clients find that once they have established a relationship with their DMM, they don’t know how they managed without one. As the American population continues to change in both age and lifestyle, Daily Money Management services are becoming a mainstay. The American Association of Daily Money Managers hopes to lead the emergence of this profession in a positive manner. TRUSTED PROFESSIONALS HELPING YOU NAVIGATE BILLS, BUDGETS & RECORD KEEPING. © (2013), American Association of Daily Money Managers.

True Stories from the Front Lines of a DMM, Mindy Noble of Conquer Chaos, Inc. ℠

The Case of Bank Fraud

It was the eve of Thanksgiving at 4:30 p.m., both the DMM and the client were wrapping things up before the holiday was to begin. They were both going out of town to see their respective families. While downloading the online banking the DMM noticed a fictitious auto loan payment from a foreign bank. The DMM informed the client, jumped in the car and both headed straight to the bank, arriving at 4:50 p.m. Fortunately, the bank manager was amazed that the DMM had a spreadsheet of all the client’s online scheduled payments and due dates. As a result the bank was able to close the current account and transition all the online transactions and payments to the new account. The client and the DMM were both pleased they were able to stop the fraud and enjoy the holiday.

The Case of Recovered Funds from Medical Insurance

The DMM was in the process of setting up files for the new client. While organizing the medical insurance information the DMM noticed the client had a major medical individual plan which did not appear to include the prescription drug coverage on the client’s ID card despite paying high premiums. After questioning the client, the client informed the DMM they were paying out-of-pocket for the premiums and not getting reimbursed for prescription drug coverage over a period of “years”. The DMM thought this was incorrect information and told the client so. After much research and a few years of negotiations, the DMM retrieved over $25,000 on behalf of the client.

The Case of Medicare Billing and the Emergency Room

The client had gone to the emergency just prior to midnight and had seen emergency room physician ‘A”. The client had forgotten important documentation and left the ER room to go home to retrieve it. The client returned to the ER room shortly after midnight. Upon the return visit the client was seen by emergency room physician “B”. Medicare initially denied payment for the second emergency room visit due to their policy of not paying twice for an emergency room visit within a twenty four hour time period. However, the second visit was with a “different” physician, therefore they had to pay the claim. The DMM saved the client $700.00.

The Case of  A Trip Interrupted and Travel Insurance

The client was a single, solo traveler with medical issues. Unfortunately, while traveling the client was disembarked from a cruise ship due to a medical emergency whereby the client was transported to a hospital in another country. Since the DMM was also his Designated Health Care Surrogate, the DMM was able to arrange for the client's return to the United States. Additionally, the DMM was able to apply for and obtain their medical expenses  reimbursement and trip insurance benefits, collecting over $24000 on the client's behalf.