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Retirees living in bonds seem to feel particularly pressured as the cost of daily necessities soars.
The recent adjustment of living expenses to this year’s social security check is not a sufficient shield, as it has seen the largest increase in decades for many who deal with food and energy, including gasoline.
According to the Social Security Administration, many beneficiaries will receive most or all of their income from an average $ 1,555 benefit in June 2021.
Fortunately, there are many resources available to retirees who are worried about meeting the bill in inflation. Here are some of them.
Health insurance and drug cost help
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Expensive health insurance and prescription costs can significantly hurt retirees’ income.
Caitlin, a spokeswoman for the National Patient Advocacy Foundation, a non-profit organization that helps patients access and pay for health care, as they may be eligible for monthly premium assistance under the Medicare Savings Program. Donovan said.
“Eligibility covers premiums, deductions and out-of-pocket costs, which can be a huge financial remedy for everyone,” says Donovan.
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In addition, anyone enrolled in Medicare Apartment D, which covers prescriptions, should check to see if they are eligible for additional help. The program can reduce the costs associated with your medicine. According to Donovan, this benefit is worth more than $ 5,000 a year.
There are also many charities that support the cost of medical care for the elderly. For example, at Copays.org, you can apply for out-of-pocket payments, insurance premiums, deductions, and funding for over-the-counter medicines.
The National Patient Advocate Foundation has a financial resources directory where you can search for local assistance for everything from dental care to end-of-life services.
Food benefits
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According to experts, many older people do not have access to all the food aids they have available. For example, a 2015 survey found that less than half of eligible older people participated in the Supplemental Nutrition Assistance Program (SNAP).
“There tends to be a lot of misunderstandings about the program and many stigmas, which unfortunately gets in the way of those seeking help,” said Josh Protas, vice president of MAZON: A Jewish Response to Hunger.
However, extra money can be of great help to bond retirees. The maximum monthly benefit for a household is $ 250. Grocery stores, online retailers and farmers markets accept funding.
SNAP has rules on how much you can own an asset and earn income to get help, and social security checks are taken into account. Still, certain costs such as rent and childcare costs may be deducted. Those who appear to be able to qualify should apply.
The USDA also has a product supplement food program. The program makes monthly food packages available to certain low-income earners over the age of 60, including fruits, vegetables, cheese and more.
On the other hand, retirees covered by Medicaid Health Insurance may be eligible for a free meal through Mom’s meal. Some Medicare Advantage Health Plans also offer dietary benefits under the program for those who have recently been discharged or are dealing with a chronic illness.
Meals are usually delivered every 2-3 weeks and include dishes such as hamburger steak, pasta, meatballs and sweet and sour chicken. People can inform the program of allergies and accommodate diets suitable not only for vegetarians but also for people with certain conditions such as cancer and diabetes.
A Mom’s Meals spokesman recommended contacting a Medicaid or Medicare representative for older people who deem eligible for a free meal.
Other options …
Although you must have a very low income to qualify, some retirees are eligible for the Supplemental Security Income program, a means test program for people over the age of 65 or with disabilities.
In December 2021, more than 2.5 million people received both social security and additional payments. This can be as high as $ 841 per month for individuals. You can apply on the Social Security Administration website or by calling 1-800-325-0778.
If you need more help, the National Council on Aging has a Benefits Checkup website where you can learn about over 2,000 resources available to seniors struggling with zip codes.
The council also has a guide called You Gave, Now Save, which contains information on the most generous benefits of helping older people with costs such as phone bills and property taxes.