Senior Benefits Everyone over 60 should Know
- Author: Kelly Cooke
- Posted: 2024-07-11
As people age, they often qualify for different benefits that make their lives a little easier. Aging comes with its own set of challenges, but some perks come along. The beauty is that most governments offer some benefits for seniors, and many companies offer discounts.
However, people should save as they age because costs always go up, even with benefits. The government offers many saving plans for seniors, and private companies provide various options. Therefore, they should leverage these opportunities to the fullest. There are benefits that everyone over 60 should know about, including the following:
Health Benefits
1. Medicare is a health insurance program for people 65 and over or with specific disabilities.
- Part A covers inpatient hospital care, skilled nursing facility, hospice, and home health care. In this setup, the government pays most of the bill, and the patient is responsible for a deductible and coinsurance. The qualifications for Part B are the same as Part A, but this part covers outpatient care, preventive services, durable medical equipment, and mental health services.
- Part B covers doctor visits, outpatient care, preventive services, and other medical items and services. The patient is responsible for a monthly premium, a deductible, and coinsurance in this category. However, those with Part A can also enroll in Part B and receive some coverage for outpatient care.
- Part C is sometimes called Medicare Advantage, and it's a way for patients to receive their Medicare coverage through a private health insurance plan. The government still pays a portion of the premium, but the patient is responsible for the rest and any deductibles, coinsurance, and copayments.
- Part D is the prescription drug benefit available to all Medicare enrollees. Private insurance companies run it, and the government pays a portion of the costs. The patient is responsible for the rest, but some financial assistance is available for those who qualify.
2. There are also Medicaid programs for low-income individuals and families in every state. They are means-tested, so only those who meet the criteria can qualify. Each state has different eligibility requirements, but the program generally covers medical and long-term care costs. Seniors should research the health benefits that they're entitled to take advantage of them. With proper planning, they can save a lot of money on their healthcare costs.
3. Many states offer programs that help with the costs of prescription drugs for seniors. The government also has a Low-Income Subsidy program that helps with the costs of Medicare Part D premiums, deductibles, and coinsurance, as explained above. Seniors should take advantage of these programs to lower their healthcare costs.
Financial Benefits
The Social Security Administration offers a retirement program for those who have worked and paid into the system. The benefit depends on the person's earnings history who receives as early as age 62. The full retirement age is currently 66, but it's gradually increasing to 67. It also offers a disability program for those who can't work because of a medical condition. Therefore, if you become disabled before you reach retirement age, you may still be able to receive benefits.
Many private companies offer retirement plans, such as 401(k)s and IRAs funded through payroll deductions, and they provide tax breaks for those who contribute. Employers may also offer matching contributions, which can help employees save even more for retirement.
Other senior financial benefits include:
-The Senior Citizen's Property Tax Deferral Program in Oregon offers property tax relief for seniors. The program allows eligible seniors to defer paying property taxes on their primary residence until they sell the home, move out, or die.
- The Circuit Breaker Property Tax Relief program in Massachusetts provides property tax relief for seniors and disabled people. The program gives credit to eligible taxpayers based on their income and the property taxes they pay.
- The Homestead Property Tax Credit program in Michigan offers property tax relief for seniors and disabled people. The program gives credit to eligible taxpayers based on their income and the property taxes they pay.
Social Senior Benefits
Senior citizens enjoy various social benefits, including:
- Free or discounted admission to museums, parks, and other attractions
- Discounts on travel, entertainment, and restaurants
- Free or discounted membership to gyms, fitness centers, and other recreation facilities
- Discounts on insurance rates
- Discounts on prescription drugs
The beauty is that you can enjoy many of these benefits before retirement. For example, you can often get a senior discount by showing your ID. Moreover, if you're still working, you may be able to get a discount on your gym membership or health insurance premiums. So be sure to ask about discounts wherever you go.
Overall, there are many benefits available to seniors. Every government has a healthcare program, and many private companies offer retirement plans. Seniors are respectable citizens, so many businesses offer discounts on their products and services. Therefore, it's a blessing to be a senior citizen. Remember to take advantage of the benefits that are available to you.
