Senior Financial Assistance: A Complete Resource Guide
Seniors and older adults have access to a wide range of specific financial assistance programs. Here is what is available and how to access it.
The Senior Assistance Landscape
Americans over 60 have access to a range of assistance programs specifically designed for older adults that complement general population assistance programs. These programs address the specific financial challenges that commonly arise with age: fixed incomes, rising healthcare costs, housing costs on limited budgets, and the practical challenges of living independently. Many seniors who qualify for these programs are not using them.
Medicare Extra Help (Low Income Subsidy)
Medicare’s Extra Help program — formally the Low Income Subsidy (LIS) — provides assistance with Medicare Part D prescription drug coverage premiums, deductibles, and copays for income-qualifying beneficiaries. The program can save eligible recipients thousands of dollars per year in prescription costs. Approximately 2 million eligible beneficiaries are not enrolled. If your income is limited and you have Medicare, checking Extra Help eligibility is a high-priority action.
Medicare Savings Programs
Medicare Savings Programs help qualifying beneficiaries pay Medicare Part A and Part B premiums, deductibles, and coinsurance. There are four levels of the program, each covering different costs and available at different income thresholds. Many people who qualify are not enrolled — often because they applied for Medicaid and were not automatically enrolled in the savings program, or because they were not aware the program existed.
Area Agency on Aging
Every region of the United States is served by an Area Agency on Aging (AAA) — local organizations that provide and coordinate a range of services for older adults including meal delivery, transportation, caregiver support, legal assistance, and connections to financial assistance programs. Your local AAA is one of the most comprehensive resources for identifying the full range of assistance available to you as an older adult. Find your local AAA through the Eldercare Locator at eldercare.acl.gov or by calling 1-800-677-1116.
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