How Connecting to Benefits Programs Can Save You Money
Reading Time: 2 MinutesLast Updated: May 17, 2024
The cost of aging in America is on the rise. Social Security provides retirees with a stable income. Unfortunately, it’s not always enough to cover the costs of health care, food, housing, and utilities. When the cost of living rises faster than your income, it can be difficult to make ends meet in retirement.
A rise in the cost of living can cause financial strain and hardship. The latest U.S. Census Bureau data shows that poverty increased among adults aged 65 and older from 10.7% in 2021 to 14.1% in 2022.
The good news is there are public and private benefits programs that can help older adults afford daily expenses. The bad news is that millions of eligible people are missing out on this help.
The National Council on Aging (NCOA) estimates that eligible older adults leave $30 billion in benefits on the table every year because they don’t know about these programs or how to apply.
These are a few of the biggest missed benefits:
- The Supplemental Nutrition Assistance Program (SNAP) helps low-income individuals afford groceries. The average monthly SNAP benefit for an older adult living alone in 2020 was $105 per month, but nearly half of those who qualify for the program do not enroll. That’s an estimated 5 million people who are missing out on food assistance, amounting to $6.3 billion each year. To learn more about applying for SNAP, visit Social Security’s blog.
- The Medicare Part D Low-Income Subsidy (LIS, or Extra Help) lowers out-of-pocket costs for medications. Social Security estimates the annual value of Extra Help at $5,300 per recipient. NCOA’s research found roughly 2 million people who are eligible for this program don’t sign up. This result is $10.6 billion yearly in missed benefits. Please see Social Security’s publication, Understanding the Extra Help with Your Medicare Prescription Drug Plan, for more information.
- Medicare Savings Programs pay for a person’s monthly Part B premium ($174.70 per month in 2024). NCOA estimates that as many as 2 to 3 million people are missing out on this assistance, totaling up to $5.94 billion in forfeited benefits.
There is a safe and trusted way to find out if you may be eligible for these or other benefits programs. It’s called BenefitsCheckUp®. NCOA offers this free, easy-to-use tool that features more than 2,000 public and private benefits programs available in all 50 states and the District of Columbia. Visitors enter confidential information while remaining anonymous. They instantly get a report of programs they may be eligible for—plus next steps on how to apply.
NCOA believes every American deserves to age with financial security. BenefitsCheckUp® is one simple step you can take to age well. Start your checkup today!
Please share this information with those who may need it.
Our posting of this blog does not constitute an endorsement or recommendation of any non-Social Security organization, author, or webpages.
Did you find this Information helpful?
Tags: General Information, Medicare, Social Security benefits
See CommentsAbout the Author
Comments
Comments are closed.
Quacy M.
everybody living off my soical secuity can have a big earthquake in the ground or a big hole in the ground
Imscared t.
I think a large problem with SSI or SSDI is yall require those forced on the programs spend any savings they may have before they can receive their benefits. Those savings could be used later when needed such as buying a house or in an emergency. But no your solution is to force the person down to poverty and to stay in poverty as fast as possible with no way out! If the person wants to go back to work they have no way to go back to work! If the person has been on any of these programs for a long period of time how the hell are they supposed to go back to work? Pull the money out of their ass and buy a car for work? Maybe use credit to buy a car but what if they find out they cant work. They only make it 3-4 months during their trial period. Then they are stuck with something they cant use plus a large debt!
Dalphin T.
Hi, my son receive disablity but not enough to paid his light bill. Is there anyway he could get help with that.
S.D.
Thanks for reading our blog and for your question, Dalphin. Your son may be able to receive help through the Low Income Home Energy Assistance Program (LIHEAP). To learn about services in his community and to find out if he’s eligible, he can contact his state or local social services agency or welfare office. We hope this helps.
Katherine
Why did my mom receive a payment for $174.70 on June 18th? Thats not normally when she receives her benefit. She just turned 70 in April and is on Medicaid and in a nursing home. I’m confused….
S.D.
Hi, Katherine. Thanks for reading our blog and for your question. For your mother’s security, we do not have access to her private information in this venue. The 2024 Medicare Part B premium is $174.70 per month. The payment your mother received may be reimbursement for her premium because she has both Medicaid and Medicare. Our notices are sent by mail through the U.S. Postal Service (USPS). If your mother hasn’t received a notice with an explanation of the recent payment she received and you still have questions, she can call us at 1-800-772-1213, Monday through Friday, 8:00 a.m. to 7:00 p.m., or contact her local Social Security office. If your mother needs help managing her benefits, you may want to apply to become her representative payee. For more information, visit our Representative Payee page. We hope this helps.
Misty G.
I noticed there are programs to help the retired seniors but what about the younger disabled people whom can’t work and haven’t paid in enough to draw enough to barely live on. I am 42 and what I draw I stuggle to live and can’t get hud nor section 8 and it’s haven’t been able to get low income housing. Is there any help out there for people like me???
T.Y.
Hi, Misty. Thanks for reading our blog and for your question. If you have low income and limited resources, you may be eligible to receive Supplemental Security Income (SSI) in addition to monthly Social Security Disability (SSDI) benefits. SSI is a needs-based program that provides payments to people with limited income and resources who are age 65 or older, blind, or have a qualifying disability. To be eligible for SSI and SSDI – commonly referred to as “concurrent” benefits – your SSDI must be less than $963 in 2024 (the SSI monthly Federal payment amount plus $20). You can find more information on eligibility requirements for SSI and how to apply at Supplemental Security Income (SSI) | SSA. We hope this information is helpful.
James J.
Now you see why everybody taking penalty chances.. I’m 43 and I’m gone do whatever the hell I want to do to makeit. It don’t make no sense that 90% of people you’re meeting or homeless. So now if the government don’t give a DAME I DON’T EATHER
Barbara S.
I have been seeing things which say ssa is changing, is going to provide money for food, is going help with other things, etc.
I would like to know what is true and what is just nonsense.
Nancy S.
I am in need of rental assistance. I recieve $962. Per month. S.S.I. and S.S.A. combination. My rent is going up to $ 900. Per month. I really don’t know to do. Then I find out that I have cancer.
S.D.
We’re sorry to learn of your situation, Nancy. You may be able to receive housing assistance from the state in which you live. To learn about services in your community and to find out if you are eligible, you can contact your state or local social services agency or welfare office. For other resources, including BenefitsCheckUp, you may want to read our blog, How Connecting to Benefits Programs Can Save You Money. We hope this helps.
Solki
Have only 19 years of work .
Still working & getting benefits from SSA also
. Will my benefits increase every year because I am still working & replacing zeros in my work record years ?
S.S.
Hi, Solki. Thanks for reading our blog and for your questions. If you work while receiving Social Security benefits, your monthly benefit amount could go up. Each year, we review the records of all working Social Security beneficiaries to find out if your additional earnings will increase your monthly benefits. If you’re due an increase, we’ll send you a letter with your new benefit amount. For more information, visit our Frequently Asked Questions and our Receiving Benefits While Working webpage. We hope this helps.
Solki
I am 68 . Get SSA benefits after my achieving full retirement age .have 19 years of work history .
I am still working & every year my income higher than previous year .
Every year I get adjustment of benefits after reviewing my income .
This year I did not get any revision of benefits in spite of working full 2023 which was my 19th years of work only .
Please help
S.S.
We’re sorry to hear about your experience, Solki. For your security, we do not have access to private information in this venue. We encourage you to continue to work with your local Social Security office. You can ask to speak with a supervisor during your next call or visit. Or you can call us at 1-800-772-1213, Monday through Friday, 8:00 a.m. to 7:00 p.m. We hope this is resolved soon.