AARP: Help Is Available For Those On A Fixed Income

Despite reports from the Bureau of Labor Statistics saying inflation is lower, those on a fixed income still find it hard to make ends meet  The AARP's Sean Voskuhl said there’s help available for utilities and health care to nutrition, but you have to know where to look.

“Without realizing it, older Americans leave billions of dollars in financial assistance on the table every year.  That money can help pay for utilities, rent, prescription drugs, groceries, and more.  There are several ways to get the help you may need to stretch your dollars farther.”

Voskuhl added there are several programs designed to help seniors. Utilities and health care costs can pile up quickly, but aid is available.

“The Low Income Home Energy Assistance Program will get you a one-time payment to help defray winter heating costs. Plus, the Medicare Savings Program will help older adults pay their Medicare Part A and Part B deductibles, coinsurance, and co-payments. You can potentially save more than $2,000 a year with this program.”

However, more than three million eligible Americans 65 and over are not enrolled in the program, leaving billions in available benefits unused.  Another example is the Supplemental Nutrition Assistance Program, or SNAP.  Nearly 26 million adults 50 and older are eligible as of 2018, but 63% didn’t take advantage of it.  Voskuhl added there’s a lot of help with the Medicare RX Coverage Program.

“The ‘Extra Help’ Program can cover monthly premiums, annual deductibles, and co-payments for Medicare RX coverage. It’s worth about $5,100 per year for eligible participants, but about $7.6 billion goes unused every year.”

In 2025, Medicare beneficiaries will not have to spend more than $2,000 a year on their medications.  And between three and four million Part D plan enrollees are estimated to benefit from the new out-of-pocket cap every year between 2025 and 2029.

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