Fixed Income Budget Tips For Seniors

Fixed Income Budget Tips For Seniors

As the elderly move up in years, it gets just as crucial for them to watch their physical health as their wallets. The costs of healthcare keep going up, but the regular income from a job is no longer there. A retired elderly person needs to budget and manage their money the best way they can. The following are a few fixed income budgeting tips for seniors.

Healthcare Costs

Seniors should take a full assessment of all health care expenses. There are changes that can be made to maximize their plans to make them cost-effective. Health insurance plans, life insurance, and prescription drug insurance can be combined, eliminated, or altered to save money. They should always consult with their State Health Insurance Assistance Program (SHIP) for free information on best to handle their accounts.

Medicare Savings

When seniors have enrolled in Medicare, they usually are living on a fixed income with limited resources. With Medicare, there are several Savings Programs to investigate that will benefit their wallets. Premiums and co-pays can be minimized. They can simply partake in an alternate Medicare savings plans by putting $100 or more back into a monthly Social Security check. This will lower premiums and other costs.

Phones

Saving money on phone service is a lot easier for seniors since the popularity of cell phone plans has increased. Getting rid of a landline will certainly save some money since most cell phone carriers have free long distance service. Individuals that are old enough will even qualify for a free cell phone in certain states.

Senior Discounts

Always inquire about senior discounts whenever shopping at retailers. Most businesses have a policy where seniors will receive a discount on any purchase. There are also special days in which the discounts are offered. Seniors should plan a lot of their shopping around such opportunities.

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