A: Any senior facing this financial reality should not only be concerned but also proactive. There are steps you can take and tools available to help you plan for a comfortable future.
“Benefits Check Up,” a free and confidential service of the National Council on Aging is one good place to start. It is designed specifically to help people age 55-plus find and enroll in benefit programs that can help them cover the cost of such essentials as prescription drugs, meals, in-home services and other needs while finding resources for tax relief and other forms of financial assistance.
Of course, having the proper health insurance is essential and could have a profound effect on your future financial situation. In addition to Medicare -- government-sponsored health care for the elderly-- it is important to have supplemental insurance, possibly including long-term insurance.
There are programs that may be able to assist you with choosing supplemental insurance. Others help pay for healthcare premiums, dependent upon applicants’ income and asset levels. The State Health Insurance Assistance Program (SHIP) has counselors in every state and several territories available to provide free one-on-one counseling and assistance to people with Medicare and their families. See the Medicare website for more information or call Medicare at (800) 772-1213.
Because it is impossible to predict how long life will last and which governmental or independent resources may be available years from now, including Social Security --government-provided income -- enlisting the help of professionals who offer tailored financial advice can be beneficial in planning for the future. Elderlaw attorneys can offer estate planning advice for you and your family. Financial planners can help you set and achieve financial benchmarks. And Certified Public Accountants (CPAs) can assist with tax planning.
Because the level of service and cost of these resources vary considerably, however, it is best to look for professionals with solid credentials and to network with family and friends when searching for help.
Getting on a budget now to bolster savings for the future also is a worthwhile practice. Numerous books and websites offer tips on how to track spending, create a budget, and stick to a spending plan.
Seeking employment or additional paying work may also be an option for some. JCA’s Senior Community Service Employment Program can help in this area. See the FAQ on employment for tips and resources that may help.