Roughly four in five households with older adults are struggling financially, according to the National Council on Aging (NCOA). Longer life expectancies, coupled with a lack of personal savings and Social Security benefits that continue to lose buying power, have left many concerned that they'll outlive their savings.
This could force some to take on debt or rely upon their children for support in their old age. But there might be another option: government aid. Not all seniors qualify for assistance. It depends on their income and other factors. One recent NCOA report suggests that these programs could save some families thousands of dollars per year, yet they go vastly underutilized.
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The NCOA report revealed that low-income seniors leave approximately $30 billion in government aid on the table every year, largely because they don't know the programs exist or are unsure how to apply to them. Some of the most common programs are:
You may qualify for some or all of these programs, and there might be other state or local programs you could benefit from as well.
The federal government has a website that can help you learn about the available benefit programs. It's broken down by the type of assistance you require, so you can navigate to the type of aid you need. There, you can find information about the programs' eligibility requirements and how to apply.
You can also try contacting your state social services department to learn what you need to do to qualify for benefits. Some of the programs listed above, like LIHEAP and SNAP, are administered at the state level, so you must apply through your state agency.
You usually have to recertify your eligibility for these programs at least annually. This might involve providing updated information about your income and assets, so be prepared for that.
Finally, keep an eye out for changes to any government aid programs you're enrolled in. The program should notify you about these changes in advance so you have time to prepare. If eligibility requirements become more strict, you may need to fall back on other income sources, like personal savings or a job. If requirements become easier to meet or your financial situation changes, it's possible that you could become eligible for more benefits in the future.
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