Most of us want to spend our golden years living life to the fullest by traveling or doing things we have always dreamed of doing, and most people think that aging in place can help them save a lot of money for their retirement.
However, aging at home does not necessarily mean you don’t have to spend some money, as it also comes with certain expenses.
But don’t worry because we’ve prepared a list of things you can do to reduce costs when aging in place.
Read also: Aging In Place: A Guide To Everything You Need To Know
Make Use Of Government Facilities
Older adults who want to preserve or improve their homes without depleting their funds are assisted by both the state and federal governments.
Rural residents with limited incomes can use the U.S. Grants from the Department of Agriculture for Rural Repair and Rehabilitation for home renovations such as adding handicap ramps, upgrading bathrooms, putting in walk-in bathtubs, or enlarging entrances.
Did You Know
Fifty percent of adults aged 65 and above live alone, and 23% in two-elder households don’t have enough money to cover their basic needs.Insecurity in the States 2019
Use Your Medigap and Medicare Advantage
Original Medicare will cover all expenses for in-home care services prescribed by a physician and performed by an accredited home health agency if you qualify. It would be best if you were homebound and under a doctor’s supervision to qualify for Medicare house health services.
Plans managed by commercial health insurance companies that have agreements with the federal government, such as Medicare Advantage, may offer extra services.
The enhanced in-home support services that Original Medicare does not provide were made available by Medicare Advantage plans in 2019, according to a decision by the Centers for Medicare & Medicaid Services.
This can include:
- nonmedical transportation
- adult day care programs
- caregiver support
- nutrition programs
- home modifications
- nontraditional offerings
Every two years, SCAN Health Plan in California gives Medicare Advantage participants a complimentary Fitbit activity tracker to keep track of their health objectives.
Major insurers, including Cigna, Anthem, Humana, and UnitedHealth Group, provide Medicare Advantage plans with improved benefits.
Supplemental coverage called Medigap can help Original Medicare beneficiaries with out-of-pocket expenses, including deductibles, coinsurance, and copayments.
Take Advantage of Long-Term Care Insurance and Annuities
Early planners can purchase insurance coverage for costs associated with aging in place. This can be a life insurance policy with a long-term care rider, often known as a hybrid policy or long-term care insurance.
Another choice that could aid in financing future expenses is annuities. An annuity is a contract that an insurance provider issues that transform your premium payments into a fixed, guaranteed income source.
Annuities can be pricey and complicated. It might cost $100,000 or more up front, and getting one gets more expensive as you get older.
Check The Program of All-Inclusive Care for the Elderly (PACE)
The Program of All-Inclusive Care for the Elderly (PACE) is a project that Medicare and Medicaid manage. It aids in providing services to those who might otherwise require nursing home care.
PACE covers for:
- in-home care
- adult day care
- doctor visits
- hospital and nursing home stays
- prescription drugs
- some medical transportation
- training and respite for family caregivers
Services may be subject to a monthly fee.
A portion or all of a person with Alzheimer’s disease’s long-term care needs may be covered by PACE.
To find a PACE program near you, utilize the online PACEFinder or dial 1-877-267-2323.
Look For Free Community Resources
A well-established network of resources that enable older individuals to age in place exists in almost every municipality in the United States.
All seniors can access the majority of programs, regardless of financial situation.
To reach the millions of older individuals and caregivers in the United States, there are 622 Area Agencies on Aging. Each one manages a sophisticated local service delivery system.
Common services offered by local Area Agencies on Aging include:
- Delivered meals (Meals on Wheels)
- Visiting nurses
- Transportation services
- Information and referrals
- Senior centers that offer adult day care, programs, outings, and social engagement
- Caregiver support
- Health and wellness programs
You can find out what benefits you could be eligible for by visiting Benefits.gov and BenefitsCheckUp from the National Council on Aging.
These programs can cover prescription medications, heating costs, housing, nutrition programs, and legal services.
Pick A Residence That Has Access To A Senior Village
There are numerous senior “villages” networks for the elderly who prefer to live near one another inside communities throughout the United States.
When employees split the cost of groceries, housekeeping, transportation, and medical care, these towns offer opportunities for cost-sharing.
Think About Home Sharing
Consider renting a room in your home to a different person who will assist you by sharing the utility costs, like a young adult who has recently found work.
Additionally, the tenant (renter) can assist with housework, yard work, and social engagement.
It’s important to note that the renter can ask for assistance in an emergency. These arrangements lower costs and improve many older individuals’ quality of life while they age in place.
Money-Saving Tips For Seniors
To further help you age in place on a budget, here are some useful money-saving tips we gathered from our trusted sources:
- Before filling up your tanks, use GasBuddy to locate cheap gas rates in your neighborhood.
- Visit GoodRx to see the lowest rates on prescription medications in your area. GoodRx is both an app and a website. The website offers coupons you may print or download to your phone and present the next time you visit your pharmacy to save even more money.
- Save money by periodically skipping meat entrees.
- Take advantage of elder discounts by joining AARP.
- Ensure you are not paying for unnecessary services by carefully reviewing your telephone and medical bills.
- If you have credit card debt, pay it off.
- Make a yearly additional mortgage payment.
- By turning off any unused appliances, you may reduce energy usage.
- Plan out your grocery budget.
- Begin a secondary business.
- Reduce the size of the space.
Although growing older is not inexpensive, it also does not inevitably mean losing one’s independence.
Planning, saving money for future costs and considering all available options are necessary for those who want to avoid moving into an assisted living facility or nursing home to receive the care they require in the environment of their choice.