As the others posted, you don't need to wear it, just have it readily available. And, someone else can scan it at the Fastpass Plus entrances.
My DD uses a wheelchair and has very tight muscles (from cerebral palsy). She was not able to stretch her arm out herself to reach it, but she did west her own Magicband send we helped her stretch out her arm to use it (she wanted to do what everyone else was doing and we felt it was a good way to sneak in some range of motion

).
It worked out fine for us because the sensors are set at a height where children or adults can use them. CMs and other guests were generally very patient and there are usually Fastpass Plus scanners on both sides, so people could go around us.
One hint/warning: To get into the parks, guests are asked to scan their Magicband
and a fingertip. That is the only time you will be asked to do a finger tap.
Almost every time we entered a park, the CMs suggested whoever was helping our daughter should just scan their finger instead of hers.
I strongly recommend against that
unless the same person will always be with your child.
The finger that is scanned is 'attached' to that ticket and that person needs to be there to scan their finger whenever the ticket is used to enter a park. We found that out the hard way when DH had used his finger to get into the park and then DD and I park hopped without him.
Since her finger didn't match, I was asked for ID for DD, which I had.
But, after that, we just scanned her finger. Most people scan the index finger, but it doesn't have to be that one, you can use whichever finger is able to be placed on the scanner. Since the finger scan is only needed for entry, we felt a little extra effort/stretching was worth it.
There are other ways around providing a finger scan (providing ID is one). I just wanted to warn people that the way that is suggested by CMs and
looks the easiest may have some consequences in the long run that are not apparent.