A Senior's Guide to Discounts and Bonuses

There's money and savings in retirement with these bonuses and discounts.

There is a vast list of discounts available to help you save money throughout your retirement years.

In addition to Social Security and Medicare, state and federal agencies may offer programs to assist you in meeting your needs that Social Security and Medicare do not cover.

Businesses and organizations frequently provide discounts to customers, making shopping, dining, and travel more reasonably priced.

Health-Care-Related Benefits

Medicare may not provide coverage for all of your health-care expenses. Despite this, you will still be required to pay monthly premiums for medical and prescription medication coverage. In addition, there are copayment or coinsurance charges, as well as deductibles. You may be eligible for other benefits that will assist you in covering those expenses.

programs that help people save money on their Medicare premiums

There are four main types of Medicare Savings Programs, each of which can assist people in meeting health-care expenses that are not covered by the federal health-insurance program.

All four of these programs are managed by the Medicaid program in your state.

Medicare Savings Programs Come in a Variety of Forms

Individual with Disabilities Who Is Qualified to Work (QDWI)
In the event that you are under the age of 65 and handicapped but have returned to work, you will no longer be eligible for premium-free Medicare Part A. If you are qualified, QDWI will cover the cost of your premium. To be eligible, your income must be at or below 200 percent of the Federal Poverty Level (FPL), and your resources must be at or below $4,000 if you're single or $6,000 if you're married, depending on your situation.

Beneficiary of Medicare who meets certain criteria (QMB)
If you are eligible, QMB will cover your Medicare Part A and Part B deductibles, copayments, and coinsurance, as well as any coinsurance you may have. Your income must be less than the federal poverty level, and you must have resources totaling less than $7,860 if you're single and $11,800 if you're married to qualify.

Individual Who Meets the Requirements (QI)
This is the amount you will pay toward your Medicare Part B premium. It's on a first-come, first-served basis, so get there early. Applicants must have an income between 120 percent and 135 percent of the federal poverty level, and their resources must be less than $7,860 if they are single and $11,800 if they are married in order to qualify.

Beneficiary with a Low Income Who Has Been Specified (SLMB)
If you are qualified, the SLMB will pay your Medicare Part B payment on your behalf. You must have a handicap and an income between 100 percent and 120 percent of the federal poverty level (FPL) in order to be eligible for SLMB. To qualify, your resources must be less than $7,860 if you are single and less than $11,800 if you are married.

The Centers for Medicare Medicaid Services (CMS) of the United States

Assistance in a Specialized Area

Extra Help is a Medicare and Social Security program that is administered jointly. Low-cost medicines can be obtained through this program for persons with limited financial resources and income.

Additional Assistance Drug Prices
Each generic medicine covered by the plan costs $3.60.

Each brand-name medication covered by the plan costs $8.95.

The Centers for Medicare Medicaid Services (CMS) of the United States

Medicaid Programs in the States

According to the Center on Budget and Policy Priorities, Medicaid covers health-care services for 7 million older citizens in the United States. More than one in every five Medicare beneficiaries also receives Medicaid coverage.

BENEFITS FOR SENIORS RELATING TO MEDICAID

Icon of a nursing home
Long-term care in a nursing home or other facility
Home and community-based services are represented by the community icon.
Care Icon is a program that provides comprehensive care for the elderly (PACE)

When it comes to seniors, one of the most crucial Medicaid programs is long-term care, because Medicare does not pay nursing home expenses. Medicaid, on the other hand, aids seniors with low incomes by filling in the gaps left by Medicare's out-of-pocket payments.

FACTS ABOUT MEDICAL AID

Medicaid pays for the care of two out of every three nursing home residents.
Medicaid may be able to pay the expenses of transportation and vision treatment. Medicare, on the other hand, does not.
Medicaid reimburses low-income seniors for their Medicare premiums.

The Centers for Medicare Medicaid Services (CMS) of the United States

In 2014, home and community-based services accounted for more over half of all long-term care Medicaid funds spent on these services.

According to the Centers for Medicare Medicaid Programs in the United States, the services are intended to help seniors and others avoid social isolation while also promoting independence, health, and a high quality of life.

The Medicaid program also offers an All-Inclusive Care for the Elderly program for anyone over the age of 65. Certain fragile and elderly persons are served by this program, which provides comprehensive and coordinated care. PACE is a program designed for people who choose to stay in their homes rather than in a nursing facility.

Prerequisites for Participation in the PACE Program

You must be 55 years old or older to participate.
You must be a resident of the service area served by a PACE organization.
You must be eligible for nursing home care in order to get it.
You must be able to live in your community without fear of harm.

Medications on the Prescription Drug Assistance Programs

Prescription medication assistance is another another benefit provided by Medicaid to elderly citizens.

State pharmaceutical assistance programs may be able to reimburse you for these costs. Many states, as well as the United States Virgin Islands, will give financial support to seniors in order to help them pay for their prescription medication prices, as well as their drug coverage premiums.

DO YOU MEET THE REQUIREMENTS FOR DRUG ASSISTANCE?

Using the Centers for Medicare Medicaid Services finder, you may find out if state prescription medication assistance is available in your region.

Seniors are entitled to health discounts.

Pharmacies, eyewear shops, and other health-related businesses regularly offer senior discounts, which can help you save money whether you are enrolled in Medicare or still rely on your employer's insurance.

The minimum age to qualify for these reductions varies, but it's always a good idea to inquire.

Discounts for Seniors' Health Care Providers

AARP
Savings of up to 60% on FDA-approved prescription medications that are not covered by insurance are possible.

Rite Aid is a drugstore chain in the United States.
On the first Wednesday of each month, people 65 and above will receive a 20 percent discount.

Walgreens
On the first Tuesday of the month, people 55 and older, as well as AARP members, will receive a 20 percent discount.

Members of the AARP receive a variety of savings at LensCrafters.

Seniors Are Exempt From Certain Taxes

Seniors can take advantage of a range of tax relief programs offered by the local, state, and federal governments.

When it comes to federal income taxes, after you reach the age of 65, you can claim a greater standard deduction and earn more before being subject to federal income taxes.

States, towns, and counties also give tax cuts and assistance to seniors, however the specifics of these programs differ from place to place and are subject to change. Your tax preparer can assist you in identifying tax savings opportunities in your area.

Seniors may be eligible for tax relief.

Tax Exemptions, Rebates, Credits, and Refunds for Homeowners

These differ from one municipality to the next, but they all help to lower the amount of property taxes you have to pay on your property.

Abatements on Real Estate Taxes

Abatements are tax breaks that lessen or eliminate the need to pay property taxes on new construction or modifications to a residence. You will still be responsible for paying taxes on the value of your property prior to the building of the new structure. The rules differ depending on where you live.

Deferrals of Real Estate Taxes

Property taxes are postponed as a result of deferrals. A tax lien is placed on your property by the municipal or county. Seniors may be permitted to continue living in their homes, but when they die, the government takes possession of the property and collects the taxes owing on the sale of the property.

Home Valuation Is Placed on Hold

It is referred to as the Senior Freeze because it prevents the taxable value of a senior's house from increasing. Seniors are entitled to a discount from their property tax payment when the true worth of their house grows. They are only subject to taxation at the frozen value of the property, not at the actual worth of the property.

The Earned Income Tax Credit (EITC) is a tax credit for those who earn an income.

The Earned Income Tax Credit (EITC) is a government benefit that is available to working persons with low to moderate earnings. It has the potential to lower the amount of tax you owe and perhaps provide you with a refund. If you want to be eligible, you must fulfill specific standards and submit a tax return, even if you don't owe any taxes at the time.

Income Tax Deduction for the Elderly and the Disabled

You will be entitled for an extra $1,300 in standard deductions if you are 65 or older as of 2019. If you are 65 or over as of 2019, filling out Form 1040SR on your taxes will allow you to claim a total of $13,000 in standard deductions for the tax year.

Seniors might receive financial assistance and resources.

Numerous local, state, and federal programs might give additional aid to older citizens who are struggling to make ends meet on a limited income. These are often aimed for persons with low incomes and limited financial means, as the name implies.

Pensioners and Seniors Can Receive Financial Assistance

The State Supplemental Income Program (SSIP) is a federally funded program that provides supplemental income to low-income individuals.

Social Security Income (SSI) provides monthly payments to those with limited income and resources who are blind, handicapped, or over the age of 65. People who are receiving Social Security payments may also be eligible for Supplemental Security Income (SSI).

Program for Food Assistance in Emergencies

People with limited income and resources are eligible for TEFAP, which differs from state to state. People who qualify for the program can obtain food through groups such as food pantries or soup kitchens.

Program for Low-Income Homeowners to Help Them Save Money on Energy

Lower Income Home Energy Assistance Program (LIHEAP) funds are provided to low-income households to assist them in paying their heating and cooling expenses.

Seniors with a greater amount of assets have more financial resources and options.

People who have a greater amount of assets and resources may be able to develop additional streams of retirement income. There are a variety of materials that you should take into consideration.

Seniors Have a Wide Range of Financial Resources Available to Them

Social Security Disability Benefits

Unlike other social security programs, Social Security is a pay-as-you-go program, in which today's employees pay taxes that are used to provide payments for tomorrow's retirees or other recipients. For many people in the United States, it is their primary source of retirement income.

Annuities

Annuities are insurance contracts that may be used to build up your retirement funds and then give you with a fixed income stream when you reach the retirement age.

Conversion of an insurance policy

It is possible that you will outlive your insurance policy. Insurance policy conversion is the process of converting a term life insurance policy into a permanent life insurance policy, such as whole life insurance, and maintaining it in force for the rest of your life.

Reverse mortgages are a type of loan that allows you to borrow money against your home's equity.

The equity in your property is transferred in return for regular payments that serve to augment your retirement income. In most cases, you preserve the title to your house and the money you get is not subject to taxation. Whether you sell your house or die away, you or your estate will be required to repay the compensation you received.

Seniors might get discounts on travel.

Many retirees take advantage of their increased spare time to travel. Knowing what travel deals are available will allow you to travel for longer periods of time while placing less strain on your financial situation.

Some discounts are only available to AARP members, while others may only require evidence of age.

United Airlines flights are available.
If you are 65 or older, you will receive a variety of discounts.

Southwest Airlines is a low-cost carrier based in Dallas, Texas.
If you are 65 or older, you may take advantage of a variety of reduced tickets on various flights.

Delta Airlines is a commercial airline based in Atlanta, Georgia.
People over the age of 62 are eligible for a variety of discounts on various routes.

American Airlines is a commercial airline based in the United States.
People over the age of 65 may be eligible for a variety of discounts on certain routes.

Fares for Buses and Trains Amtrak
People over the age of 65 will receive a 10 percent discount on most tickets.

Greyhound Bus Lines is a bus company that operates in the United States.
Passengers over the age of 62 receive a 5 percent discount.

Transportation on the Trailways
Those over the age of 50 are eligible for a variety of discounts.

Hertz Automobile Rental
People over the age of 50 can receive a discount of up to 20%.

Avis
Members of the AARP can receive savings of up to 30%.

Budget
Participating stores are offering discounts of up to 30%.

Hotels\sMarriott
If you are 62 or older, you can receive a 15 percent discount at some hotels.

Special senior pricing are available at Days Inn for visitors 60 and over.

Choice Hotels are a good example of this.
If you're over 60 and have an AARP membership, you'll receive a 10 percent discount on your reservation and on advance reservations.

Best Western Inn Suites
If you are 55 or older, you may be eligible for a discount of up to 15 percent at some places.

WHAT IF I TOLD YOU?

Once you reach the age of 62, you may purchase a $80 lifetime pass to any of the United States' National Parks and recreation sites. It covers the price of daily recreation fees and access to over 2,000 federal leisure venues.


Krees DG

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