17 Easy Money Savers For Seniors On A Budget
- Author: Bryan Miller
- Posted: 2024-06-08
Seniors who require ambulation assistance from a device or another person -or- who have medical conditions where excess ambulation negatively impacts their health are considered "homebound." For homebound seniors, the cost of living can be extraordinary as they frequently must depend on pricy in-home services for goods and care. Such expenses can often seem like a hopeless, budget-busting situation.
There are solutions for seniors on a tight budget, however. With a little savvy know how, retired seniors can stretch those budgets a great deal by taking advantage of low-cost to free care and delivery services. Here are 17 ways to get started:
1. Don't get caught in the Medicare penalty net.
Mismanaging Medicare selections and enrollment can lead to some hefty penalties that'll be applied indefinitely. Part B covers an array of healthcare services and Part D covers prescriptions. There are also supplements to be selected for various healthcare needs. Seniors must evaluate their medical needs and affordability prior to enrollment to ensure proper timing of the right selections in order to avoid being caught in the penalty net.
Anyone opting out of Plan B or that's making supplemental purchases should work with a Medicare professional to help ensure proper timing, rules and regulations are followed, and that the healthcare selections suit their unique financial and medical needs.
2. Take full advantage of Medicare.
There are a number of Medicare savings programs available to help seniors pay for Medicare Part A (hospital insurance,) Medicare Part B (medical insurance,) copays, deductibles, and copayments when the time comes:
- Specified Low-Income Medicare Beneficiary (SLMB)
- Qualified Medicare Beneficiary (QMB)
- Qualified Disabled and Working Individuals (QDWI)
- Qualifying Individual (QI)
3. Some Medicare recipients may qualify for help with prescription drug costs.
The Social Security Administration has a program called Extra Help. It helps Medicare recipients pay for prescription drugs if they meet certain financial requirements. Resources, for example, for a single person can't exceed $13,820. Resources for married couple can't exceed $27,600. Resources include things like bank accounts, stocks, bonds, and properties owned beyond a primary residence.
Participants can save up to $4000 a year off the cost of prescription drugs.
4. Cover against the gaps in Medicare from the start.
It's important to understand that free Medicare doesn't cover everything; it has gaps. Medigap coverage is offered during open enrollment, which is the period of time seniors are first eligible for Medicare Part B. It's basically a supplement that covers some of the medical costs not covered by Part B. During this small open enrollment period, which is only six months, seniors can select any Medigap policy without being asked health questions. Thereafter, however, the insurer can require a complete medical history and use it to deny coverage if they so choose.
5. Research assistance for home health aide services.
Many seniors find themselves in need of home health services, but simply can't afford them. There are local, state, and federal resources designed specifically for such seniors.
There are federal options through the VA for military veterans, and sometimes a family member may even qualify as a respite home health "caregiver" and receive a federal benefit to help care for their loved one.
SeniorLiving.org has a comprehensive, state-by-state listing of state agencies that can help low income elderly individuals get the home health their doctor prescribes.
The Medicaid Waiver program allows seniors requiring extra care that would normally mandate a nursing home admission to instead receive the extra care in home.
6. The PACE Program helps the elderly stay out of skilled care facilities longer.
PACE, or Program of All-Inclusive Care for the Elderly, has contracts with medical professionals across the country. The agency ensures that skilled care in the home is provided at a rate the senior can afford. Payment is income-based. For many seniors that can't afford long-term care in a nursing home or assisted living community, this can be the answer to help them stay in the home and still receive the skilled care level they need to function day to day within their own home.
7. Ask local authorities about a property tax exemption.
Medicare-aged individuals often qualify for a property tax reduction or exemption. This is something that's determined by each state and local government as to when and how it's applied. New York reduces the rate by 50% for those 66 and older and who have limited incomes. Florida retirees can get up to $50,000 in property tax breaks. Mississippi allows tax exemptions for anyone Medicare-aged.
8. Take advantage of free public assistance and nonprofit programs in the community.
The library is a great example. Many local free libraries offer seniors book delivery services. Another example is senior companion and visitation services, which provides a homebound senior with a visitor that may help with some chores, read to them, or just sit and talk.
9. Energy assistance programs can help with utilities.
The U.S. Department of Health and Human Services Office of Community Services offers a program called the Low Income Home Energy Assistance Program, or LIHEAP. It offers homebound seniors a reduced electric bill and provides free energy weathering and minor repair services for the home.
10. Take advantage of assistance with phone bills.
The Lifeline program is available nationwide. It offers low income retirees a discount on internet and phone connections.
11. Utilize a grocery delivery service.
From small to large, most retailers now offer options for home delivery. Instacart, for example, only charges $3.99 for deliveries and often has coupons and discounts to negate the delivery charge. Walmart is even jumping aboard the home delivery grocery bandwagon.
12. Look for free tax preparation services.
AARP's Tax-Aide program provides free local events where volunteers help low and moderate income seniors prepare their taxes, regardless of whether the senior is a member or not.
13. SNAP may be an option to assist with food costs.
The Supplemental Nutrition Assistance Program, or SNAP, is a program that provides a monthly food assistant benefit on an EBT card. The benefit amount is based on the applicant's income and resources. The benefits can be used for any food goods at participating retailers. Contact the state's Agency on Aging for application and the state's particular income qualifications.
14. Meals on Wheels can provide a nutritious meal to those who can't afford it.
Many seniors aren't eligible for SNAP, but yet they still have trouble with access to or affording a nutritional meal. Others, perhaps, have difficulty cooking for themselves. In either case, Meals on Wheels is a program that delivers nutritious meals on a sliding scale cost to homebound seniors.
15. Research low-cost and free dental care provided locally.
The Dental Lifeline Network is a good example. The organization provides dental care to disabled and severely impaired individuals aged 65 or older. Local health departments, the Office of the Aging, and the state's Dental Association may be able to provide a list of other local organizations to help with low-cost or free dental services. Those that live near a dental college may want to contact the director; most dental colleges offer discounted, free services.
16. Hard of hearing seniors may qualify for free adaptive phones.
CaptionCall provides adaptive phones that translate the words onto a screen for those with diagnosed hearing loss.
17. Contact Legal Aid for legal matters.
From reviewing and prep of documents to representation during legal proceedings, the Legal Aid Program is offered through the Agency on Aging. It provides free qualified attorneys for certain legal matters seniors may find themselves needing.