Whether it’s government benefits or financial assistance, finding the right benefits for senior citizens is challenging, especially with the influx of confusing information out there.
In this short guide, we’ll discuss all you need to know about government benefits and list the available benefits for seniors in the United States.
What are all the available benefits for senior citizens?
There are many benefits for senior citizens over 65.
These programs offer reduced or free cost options, including:
- Health care
- Housing assistance
- Transportation services
- Food and dining
- Recreational activities
Some of these programs include:
Social security Administration
The Social Security Administration (SSA) is a government agency that offers financial support to American seniors who are over 65.
The funding source is payroll taxes withheld from the paycheck of working Americans.
The Social Security Administration tracks everyone that pays into the system.
This ensures seniors have sufficient retirement savings by investing the money into special securities systems accessible through specific programs like the Medicare savings program and social security retirement insurance benefits.
Reverse Mortgage Program
Seniors who meet the requirements of the Reverse Mortgage program may qualify for a guaranteed monthly income payment. The requirements include the following:
- Minimum age 62
- Have their home
- Have reasonable Value in home equity
The most appealing feature of the HUD Reverse Mortgage program is that as long as they reside in their home, older homeowners don’t have to:
- Repay the money received from the program; or
- Pay for interest on it
Retirees don’t have to worry about their health coverage or the expensive cost of insurance plans. Thanks to Medicare – one of the most popular federal government programs for seniors.
Here’s how Medicare works:
Medicare Part A offers hospital insurance that is free of charge for most retirees.
Medicare Part B offers medical care and doctor’s visit at $148.50 monthly- some retirees may pay more.
Medicare Part B premiums can be removed from the beneficiary’s security payment, meaning there’s no bill.
Some Retirees may qualify for supplemental Medicare Part D, meaning that the Government covers the prescription cost.
These senior benefits can help people above 65 live a healthy and financially secure life.
Other additional benefits for seniors above 65 are:
- Social security disability insurance (SSDI)
- Supplemental Security Income
- Veterans Health Administration (VHA)
What are medical flex cards, and how do I get one?
A Medicare flex card is a debit card preloaded with a specific amount of money designed to cover certain health expenses.
Despite being called the Medicare flex card, this card is not issued by Medicare. But, a promotional process from private health insurance companies encourages people to apply for their Medicare plans.
Getting a medicare flex card starts with knowing the right private health insurance provider that gives away this card to encourage people to sign up for their Medicare Advantage Plans.
The flex card is scarce despite the recent uptick in internet advert.
For instance, the card may be offered by a specific private insurance company in a state and only available for customers who meet specific criteria and are on a select plan.
To apply for this card, contact a Medicare Advantage provider. Ask for information about the amount available, services covered, etc.
What are the criteria for senior benefits?
Individuals classified as seniors have different eligibility requirements for receiving disability benefits. However, the employment requirements do not determine them.
To become eligible for senior benefits, you must be over 60 (assuming you pass other eligibility areas like the citizenship requirements).
The resource and income limits are higher to enable seniors to live comfortably.
In some cases, individuals above 60 must be unemployed to receive these benefits (although they may still be working). That’s why it’s important to know when to apply for social security.
Other programs are designed for seniors, depending on their location and eligibility.
These programs are funded through state and federal programs but run through local agencies like food banks and social service agencies.
To become eligible as a disabled senior, there are some options.
These programs have strict eligibility requirements and lots of documentation.
However, once a disability application is approved under SSI or a related state program, you can become approved for other disability services and programs.
When your application is approved, the SSA will assign a caseworker. A caseworker can help apply for other programs. In addition, you can assign someone to represent you for meetings or interviews regarding your benefits.
How much do you receive in monthly retirement payments?
It’s difficult to predict how much a senior can receive in monthly retirement payments.
The average social security benefits are expected to reach $1,827 per month in 2023. The highest possible social security benefit for a senior who retires at the full retirement age is expected to be $3,627 in 2023.
Can you work while receiving social security benefits?
One of the most common questions among people is whether social security counts as income and whether an individual may work while receiving benefits.
It is still possible to get social security retirement and work simultaneously. However, remember that there’s a limit to how much they can receive.
SSI may reduce their benefit if a senior is younger than the full retirement age and earns above the yearly earning limit.
If they’re under full retirement age for the whole year, $1 will be deducted from the benefit payment for every $2 they earn above the yearly limit. The limit for 2022 is $19,560.
If their earnings are above the limit for the year and they’ll receive retirement benefits for some parts of the year, some special rules apply to earning for a year. For example, the special security disability rules after 50 allow social security to pay a full advantage for any month they consider you retired, irrespective of the individual’s yearly earnings.
How long does it take to get approved for senior benefits?
The social security approval process can be speedy, but because it is a government program with many applicants, waiting for up to six weeks to get approval is normal.
Remember that this timeframe only applies if everything works as expected.
Suppose your application contains incorrect information, such as an error in your social security number or birth date. In that case, you can expect a denial and start the whole process again.
Remember that non retirement social security benefits like disability may take up to 5 months for approval.
How Trajector can help me
Trajector is committed to helping older Americans receive their entitled benefits on time.
With over 45 million American seniors above the age of 65 and more retiring and aging out every year, using the help of a benefits expert is a good step.
Trajectory works with industry professionals to support the legal protection and care that older adults desire.