Old age brings with it, if you are financially not stable, the necessity to find help from government and other sources. The life retirement can be very difficult for those who have not planned for it properly. As the senior citizens run out of money, it becomes difficult for them to sustain and spend rest of the life after retirement. There are few financial assistance programs which the senior citizens can benefits from. Let us find about financial help for seniors in detail through this article.
Financial Help for Senior Citizens
The options of financial help for elderly people are provided in the paragraphs below. These programs and benefits are useful for seniors citizens since, they are left with limited source of income in their old age.
Social Security: The benefits of social security can be availed by people who have worked for minimum 10 years. These people are eligible for retirement benefits. Spouse of person who has worked for 10 years can avail the dependent benefits. The disability benefits are also offered through the social security program. If a person becomes disabled before his retirement age, he/she can avail these benefits. If a retired citizen and his/her spouse both have worked for minimum 10 years, the couple can avail double-benefit. It means that both retirement and dependent benefits are offered to them to smooth the rest of their days.
Tax Advantages: There are few tax advantages/benefits enlisted in the IRS tax code which are useful for senior citizens. Those elderly/senior citizens above the age of 65 years and who have filed either of the tax forms, 1040 or 1040A can benefit from the tax credit called 'Credit'. People over the age of 60 years can receive counseling from volunteers that are IRS trained and they also get help pertaining to free tax return preparation.
Government Programs: The 'Low-Income Home Energy Assistance Program' (LIHEAP) provides financial aid for seniors in the form of grants in order to pay utility bills. Discount for senior citizens is given in the process of availing services such as the telephone, water, garbage collection, satellite TV, cable, etc. One must provide the age-proof in order to gain the discount benefits.
Prescription Assistance Programs: People who cannot afford to pay for prescription drugs can benefit from this financial help for seniors. The 'Patient Assistance Program' (PAP) is offered by pharmaceutical companies. Doctors and pharmacists can help in gaining more information about such programs.
Senior Farm Direct Nutrition Program: The 'Senior Farm Direct Nutrition Program' (SFDNP) is used for providing senior citizens with checks. These checks can be used in purchasing Oregon grown vegetables, fruits and other herbs. Senior citizens interested in the program have to apply for it. Applications are processed at the SPD (Seniors and People with Disabilities) central office.
Senior Financial Care: It is a counseling program for senior citizens over 60 years of age. The different tasks in which senior citizens can be provided with assistance are bill paying, monthly expense management, bank statement reconciliation, credit counseling, medical insurance counseling, reverse mortgage counseling, credit counseling, fraud awareness, debt repayment and information referral. Information about obtaining financial help for seniors can also be found.
The information about financial help for seniors is presented through different programs and schemes. Apart from the social security program and other government programs, there are private sources of funding and concessions available for senior citizens.