How Retirees Can Get Free Money From the Government
Written by
G. Brian Davis
Edited by
Brendan McGinley
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You know that the federal government offers Social Security and basic Medicare benefits for retirees. But what other programs does the government offer to keep retirees afloat?
Dig deeper into these ways that retirees can get free money from the government.
Medicare Savings Programs
Many retirees don’t realize all of the benefits available for lower-income seniors through Medicare Savings Programs. Benefits include covering Part B (and in some cases Part A) premiums, cost sharing for copayments and deductibles or low-income subsidies for Part D prescription drug costs.
Because state Medicaid offices administer these programs, many retirees don’t know about them. Research the four main Medicare Savings Programs available (QMB, SLMB, QI, QDWI) to see if you qualify.
Supplemental Security Income
Many retirees don’t know that they can qualify for “concurrent benefits,” combining both traditional Social Security benefits with Supplemental Security Income (SSI).
These benefits come with relatively low income and asset caps, but add real income each month. Some states also layer on additional income to keep seniors in their homes and with food on the table.
Read the details from the Social Security Administration to learn more.
SNAP Benefits
Given that food makes up the third largest spending category for most households, free groceries through the Supplemental Nutrition Assistance Program (SNAP) can make a huge difference.
“If your income qualifies, you can sign up for SNAP benefits to help cover the cost of groceries,” said Melanie Musson, finance expert with Quote.com. Recipients get an EBT card that works just like a debit card to swipe at the checkout counter.
LIHEAP Energy Assistance
The Low-Income Home Energy Assistance Program (LIHEAP) helps cover energy bills for Americans below varying economic thresholds. It can even cover minor energy efficiency upgrades such as weatherization sealing, insulation and furnace repairs.
Find details for the program at the Administration for Children & Families website, as part of their Office of Community Services. Some states also offer their own benefits, which you can layer on top of federal LIHEAP benefits.
Housing Assistance
Lower-income retirees can also qualify for housing assistance, such as Section 8 rent vouchers. While funded by the federal government, the program is operated by state housing agencies.
But options don’t end at Section 8. Cash-strapped retirees could opt into public senior housing or housing with rents capped based on income.
Untapped VA Benefits
Not all military veterans and their families know about all of the Veterans Administration’s benefits.
“Veterans and the spouses of deceased veterans often miss out aid-and-attendance benefits or health-related assistance because no one took time to explain the paperwork,” said attorney Joe Zdrilich of Zdrilich Injury Law. “A quick review can reveal free money with no risk or borrowing or investments, just smarter use of programs that are already in place.”
For a full review of even more programs you may qualify for, check out the USA.gov website.
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