SENIOR LOANS AND FINANCIAL ASSISTANCE
Saving up for retirement is hard. How much do you save? What is the economy going to be like ten years after you stop working? Will your money be worth the same amount? How long are you going to live? No one likes thinking about these mind-boggling questions and no one has a definite answer. That’s why many members of our elder generation are finding themselves in financial trouble.
Whether you fall into this category, or care for someone who does, the below is broken down into different sections which provide the different type of financial help programs – whether it be for loans, help with bills, food, medication and more.
SENIOR LOANS & MONEY ASSISTANCE
Supplemental Security Income (SSI)
When the elderly live off of social security benefits that were earned off of low-paying jobs, they may be eligible for Supplemental Security Income (SSI). If eligible, the elderly will receive an amount of additional monthly income from the Social Security Administration directed either federally or by state government.
A lifetime of work and banking can be hard to keep up with. This is why there are many unclaimed funds that wind up just going back to the state, company, or bank that they came from. Be sure that you or your elderly are reaping all the benefits from their years of hard work and investment. Check that all pension money is being collected from companies who ended a plan or went out of business. Search for credit union failures to make sure the money being sent is making it to the designated party. Check to see if you are eligible for a refund from the Department of Housing and Urban Development, you may be if your mortgage was FHA-insured.
Check & Saving Account Advances
If you simply need cash to cover a weekly or monthly short fall, you can borrow from yourself through your bank or credit union (check with your financial institute). These advances essentially allow you to borrow against your upcoming deposits. It’s a great alternative to expensive micro loans.
Specialty Bank Loans
Certain lenders (banks and credit unions) provide specialty loans to low income earners. These are loans which serve as an alternative to payday loans. They can come with a much lower cost of borrowing with and extended repayment time frame. Ask you current provider if they have low income specialty loans as they are not actively advertised.
Peer to Peer Lending
This is a newer form of borrowing and is ideal for those having issues with qualifying for loans through the banks and other mainstream lenders. P2P lending is ideal for those on low incomes, no credit or bad credit as the terms of acceptance are flexible. As with anything though, be sure to thoroughly review the company before engaging as this is a newer form of lending.
There are many resources out there for veterans throughout their service and various stages of their lives, including those who are elderly. If you are, or care for, a veteran or spouse of a veteran who cannot eat, bathe, medicate, or dress without assistance, you may be eligible for additional assistance with the Aid and Attendance improved pension benefit plan. This assistance could earn the veteran up to $1630 per month with the approval of a physician to verify that the veteran is indeed reliant on others for every day care.
If the elderly in question is considered low income and living off of only social security, they may be eligible to have about 90% of their monthly prescription, medical coverage, and hospital premiums subsidized so that they only end up paying about $10 a month. Check out Medicare Part D to determine if you or your loved ones are paying too much in monthly health expenses.
Program of All-inclusive Care for the Elderly (PACE)
PACE is an offshoot of both Medicare and Medicaid and provides a range of healthcare services to help the elderly get their health care needs at home instead of going to an aged care or nursing home. It’s a program which has a wide range of assistance programs that cover most health needs. Services can include primary care, dentistry, x-rays, physio, medication, most forms of counselling, emergencies, transportation and more. Check with PACE to see how the program may be able to help you save money or get services you don’t think you can afford.
There are multiple organizations and programs that provide free or heavily discounted medication. Medicare provides a thorough list of pharmaceutical companies that provide discounts – view the full list here. Other well-known programs include Needymeds and RxAssist.
There are many resources out there which many caregivers and elderly are unaware. By simply reviewing the Low Income Financial Help site you will find many services that can help you save hundreds of dollars a month and thousands a year. In addition to government and non-profit financial assistance programs, check out this extensive article on senior discounts.