According to the National Council on Aging (NCOA), about 80% of households with elderly individuals face financial difficulties. Many worry about running out of money due to longer life spans, insufficient savings, and the diminishing purchasing power of Social Security benefits.

As a result, some may find themselves in debt or depending on their children for help in their later years. However, there may be a solution available: government assistance. Eligibility for these programs varies based on income and other criteria. A recent report from NCOA indicates that these resources could save families thousands of dollars yearly, yet many do not take advantage of them.

Each year, $30 billion remains unclaimed

The report from NCOA shows that lower-income seniors leave around $30 billion in government aid unclaimed every year, primarily because they are unaware of the programs or unsure about the application process. Some key programs include:

• Medicare Extra Help: This assists low-income seniors with their prescription drug expenses, amounting to an average benefit of $4,900 annually, according to the NCOA survey.
• Medicare Savings Programs: These programs help beneficiaries cover associated costs like premiums, copays, and deductibles, potentially saving seniors over $1,600 a year.
• Medicaid: This program supports individuals with disabilities and low-income seniors, aiding in covering healthcare costs during retirement.
• Supplemental Nutrition Assistance Program (SNAP): This allows low-income families to buy groceries at participating stores, with the average senior receiving about $1,400 in annual benefits.
• Low-Income Home Energy Assistance Program (LIHEAP): This program helps low-income households pay for heating and cooling expenses, saving about $250 yearly on average.
• Supplemental Security Income (SSI): The Social Security Administration provides monthly payments to low-income seniors, with maximum federal benefits of $967 per month for individuals or $1,450 per month for couples. Some states offer additional supplements.

You might qualify for some or even all of these programs, and there may be other local or state resources available to assist you as well.

Steps to apply for government assistance

The federal government operates a website where you can explore available benefit programs, categorized by the type of assistance needed. It contains information regarding eligibility criteria and application processes.

You can also reach out to your state’s social services department to find out the requirements for qualifying for benefits. Some programs, such as LIHEAP and SNAP, are managed by state agencies, so applications must be submitted through them.

Typically, you need to recertify your eligibility for these programs at least once a year, which may involve providing updated information regarding your income and assets.

Additionally, keep an eye out for any changes to the government aid programs you are enrolled in. The programs should inform you beforehand about any updates, allowing you sufficient time to adjust. Should the eligibility criteria tighten, you might need to rely on alternative income sources like personal savings or employment. Conversely, if requirements become more lenient or your financial situation changes positively, you might be able to access increased benefits in the future.

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