One thing that makes Senior Partners unique is that we help simplify the complicated decisions facing today’s seniors. As our world changes, it becomes more difficult to keep up with new technology and terminology. Senior Partners translates confusing concepts facing our seniors into language that can easily be understood–empowering seniors to make the best choice for themselves.
In part 3 of our series on how to choose a Daily Money Manager (read part 1 and part 2), you want to know that your Daily Money Manager knows their stuff and that they’re covered if they don’t.
What happens when a senior goes to the hospital unexpectedly?
How long do they need to stay there before their Medicare rehab benefits kick in? What other options are there besides rehab and who pays for those options?
Is home care or home health care an appropriate option and who pays for it? Did you even know there was a difference between the two?
This is just one example of some of the complex issues seniors are likely to face after a hospital stay. We can help make these issues easier to understand, and coordinate with other senior service professionals, so that seniors can make the best decisions for themselves.
But Daily Money Managers aren’t perfect and on rare occasions, they can make mistakes. What would you do if (in the unlikely event) your Daily Money Manager failed to pay an insurance bill causing the policy to lapse and you being denied a claim?
This is why you need to make sure any Daily Money Manager you work with carries Errors and Omissions insurance or E&O.
E&O is the insurance that covers a company, or individual, in the event that a client holds the company or individual responsible for a service they provided, or failed to provide that did not have the expected or promised results. For doctors, dentists, chiropractors, etc., it is often called malpractice insurance. For lawyers, accountants, architects or engineers, it may be called professional liability insurance. It covers the company for errors (or omissions) that a company made or that the client perceives made.
In short, E&O coverage provides protection for the company, and recourse for the client, in the (unlikely) event that an error or omission has caused a financial loss for that client.
It’s important when you’re interviewing potential Daily Money Managers, that you get them to provide you proof that they carry this important insurance.
Senior Partners, of course, carries this insurance policy and we provide proof at the first meeting with our clients. Our policy covers us at the Professional Fiduciary level (which is a higher standard of coverage) because sometimes, we act as Power of Attorney or Trustee for some of our clients.
If you or someone you know could use our services, click here to schedule your free 15-minute, no obligation phone consultation.
Next week: Coordinating with professionals.