Easy savings tips for savvy seniors
It can be quite difficult to make ends meet if you’re a senior living on a fixed income. For those of us in the working world with older parents, it’s hard to see our loved ones struggle with finances. Because they’ve done so much for us over the years, the least we can do is share with them important tips on how they can make their money count.
Medicare
It’s important that seniors fully understand how to get the most out of Medicare programs. There are a variety of Medicare savings accounts that can help pay for medical insurance (Medicare Part B) and hospital insurance (Medicare Part A). There are also additional benefits available that can help pay for deductibles, coinsurance, and copayments. Check out this site for complete information on all Medicare services.
Free tax preparation
In 1968, AARP introduced the AARP Foundation Tax-Aide program, providing low- and moderate-income seniors tax preparation assistance free of charge. Offered at local libraries, malls, financial institutions, and senior centers, the program is run by volunteers and is available to both AARP members and non-members.
Home health services
Many of us would want to personally care for our loved ones in the event of a long-term illness. Even if we could financially afford to do so, chances are we don’t have the medical training to take on such responsibilities. Many seniors wish to remain at home when suffering from chronic illness, as opposed to living in an assisted center. This can be quite expensive when they’re on a tight budget. Help the elderly in your life research state and federal programs that provide financial aid for home health. Veterans who are eligible for VA pensions and are housebound may also qualify for additional monetary assistance.
Energy bills
The U.S. Department of Health and Human Services Office of Community Services offers the Low Income Home Energy Assistance Program (LIHEAP), which helps the housebound (and retirees) with energy cost. This money-saving program provides federally funded assistance with costs often associated with home energy bills, energy crises, and weatherization/energy-related home repairs. Additionally, communicate with the elderly in your family about other ways to save during hot and cold months.
