Benefits for Senior Citizens That You Need To Know
- Author: Bryan Miller
- Posted: 2024-06-15
Healthcare Resources
According to the CDC, seniors are the fastest-growing age group in the United States. By 2060, over 98 million Americans will be over the age of 65, increasing the need for healthcare resources. Several federally-funded programs provide healthcare resources for senior citizens, including Medicare and Medicaid.
In addition, private organizations assist with medical bills and prescription costs. Some seniors may also be eligible for discounts on insurance premiums. As the population of seniors continues to grow, there must be adequate resources available to meet their healthcare needs.
1. The Social Security Medicare Program
The Federal program funded by payroll taxes provides healthcare insurance for over 60 million seniors and disabled Americans. The Social Security Administration administers the program, and beneficiaries can choose to receive benefits through private insurance companies or the government-run Medicare system.
It has reduced the number of seniors living in poverty, and it is one of the most popular social welfare programs in the United States. However, it faces significant financial challenges in the years ahead as retirees continue to increase. In addition, rising healthcare costs are putting pressure on the budget. As a result, lawmakers are working to find ways to ensure that it remains solvent in the future.
2. The Social Security Medicare Savings Programs
The programs allow eligible beneficiaries to receive free or low-priced health care prescription drugs. There are four different types of SMSPs, each with eligibility requirements, including the Qualified Individual program, the SLMSP program, the Qualifying Individual program, and the Extra Help program. Each SMSP has other income and resource limits and deductibles, copayments, and coinsurance amounts. Furthermore, beneficiaries can also receive assistance paying their Part B premiums through the SSMSP.
3. Medicare Prescription Drug Plans
If you have Part A and Part B, you can join a Part D plan through a Medicare Advantage Plan that includes prescription drug coverage, also called an MA-PD. Alternatively, you can buy a stand-alone Prescription Drug Plan (PDP) from a Medicare-approved private insurance company.
You can also benefit if you qualify for Extra Help from the Social Security Administration. If you join a managed care plan like an HMO or PPO, you will usually get all of your Part A and Part B benefits (like hospital and medical coverage). These plans may also offer extra benefits like routine vision, dental, or prescription drugs.
Retirement Resources
Fortunately, there are various retirement resources available to help senior citizens stay afloat as they age. Social Security is a government-sponsored program that provides monthly payments to eligible individuals, and many seniors qualify for Medicare, which helps cover the cost of health care.
In addition, many retirement communities offer a variety of amenities and services that can make life easier for seniors, such as transportation assistance, house cleaner service, and on-site dining options. By taking advantage of these resources, seniors can enjoy a high quality of life even after retiring.
Federal Employees Retirement System (FERS)
The Federal Employees Retirement System (FERS) is a three-tiered retirement system for federal employees established in 1986. The Social Security component of FERS provides a foundation of income during retirement. The basic annuity is a defined benefit plan that pays an annuity based on years of service and the highest salary.
The Thrift Savings Plan is a defined contribution plan that allows employees to save for retirement through payroll deductions. Employees enroll in the TSP automatically and can choose to contribute up to the limit set by law. The government also makes matching contributions to the TSP for eligible employees. Besides, FERS is a portable retirement system that allows employees to take their benefits if they leave federal service. Employees covered by FERS are also eligible for the Federal Employee Health Benefits (FEHB) program that insures them and their families.
As you can see, there are many benefits available for senior citizens. Be sure to research the programs that might be available to you and take advantage of them. Besides, help senior citizens who might not have the time or energy to do so.
