Where to Find Financial Help for Elderly Parents

As your parents age, their financial concerns may eventually become your concerns. There may come a time when they will require your help in sorting through their finances and even in finding financial assistance as their situation changes. There are many resources available to assist the elderly.

Social Security Administration

The Social Security Act was a program conceived by Franklin Delano Roosevelt and signed into law in 1935 as a social insurance program for U.S. workers age 65 and over. The economic crisis of the Great Depression was the impetus for this program, which continues today.

Visit the Social Security Administration’s website to determine what retirement benefits are available. Apply for benefits using the online Retirement Benefit Application.

Medicare

The Centers for Medicare & Medicaid Services (CMS) administers Medicare, the nation's largest health insurance program for people age 65 and over (and some younger persons with certain disabilities). The program helps with the cost of health care.

Medicare has four parts:

Part A: Hospital insurance for inpatient care in a hospital or skilled nursing facility (following a hospital stay), some home health care and hospice.
Part B: Medical insurance for doctors’ and other medical services and supplies not covered by hospital insurance.
Part C: Medicare Advantage plans. Those with Medicare Parts A and B can choose to receive all of their health-care services through one of these provider organizations.
Part D: Prescription drug coverage.

Determine if your parent is eligible for Medicare with the Medicare Eligibility Tool. The Medicare website can provide information about area hospitals, long-term care, nursing homes, and medical equipment.

Medicaid

Medicaid is a state-run program that provides hospital and medical coverage for people with low income and little or no resources. Each state has its own rules about eligibility and coverage, and some people qualify for both Medicare and Medicaid.

If your parent receives Social Security Income (SSI) they are probably eligible for Medicaid. You can find your state agency through the State-by-State Information link. "Medicaid at a Glance" provides a good overview of the program.

National Resources

Veterans assistance. Under certain conditions, the United States Department of Veterans Affairs offers veterans, their spouses, and children financial benefits. For instance, a veteran might be eligible for a pension if he was partially injured in the line of duty and the injury was not active until lately. Visit the Veteran’s Benefits webpage to see all benefits.

Azheimer's help. If your parent has a disease such as Alzheimer’s, there is advice on how to pay for long-term care on the Alzheimer's Association website. Find a local support group with the Alzheimer’s Association interactive map.

Local Services

There are many local and state services that offer financial help for the elderly. Services vary state-by-state and may include:

Local Councils on Aging
State Elder Affairs divisions
Elder services
Local utility companies that offer reduced rates, assistance with heating bills, and convenient payment schedules for the elderly
Reduced real estate tax rates for seniors or elimination of real estate tax altogether.

AARP

Since 1958 AARP has been the organization known for helping and advocating for people age 50 years and over. It is a nonprofit, nonpartisan membership organization. The AARP website, offers a wealth of information about money, insurance, and finances.

The AARP Foundation can also lend a helping hand when needed with:

Year-round tax assistance at Tax-Aide.
Tax-Aide sites: from February 1 through April 15, IRS-trained volunteers offer free one-on-one counseling, assistance on the telephone, and via the Internet on how to prepare basic tax forms and standard schedules. Find a site near you via the Tax-Aide Programs section via the AARP website.
Discussion about money topics: protecting investments, cutting back on expenses, making decisions about retirement, job searching tips, avoiding bankruptcy and reducing debt. AARP’s personal finance page is a good resource.

The SNAP Program

The Supplemental Nutrition Assistance Program (SNAP), formerly called the Food Stamp Program, offers benefits to the elderly (age 60 and older). If your parents are on Supplemental Security Income (SSI), they are already income eligible for SNAP. If they are not on SSI, they might still be eligible. Check guidelines/eligibility at SNAP’s Pre-Screening Eligibility Tool.

Reverse Mortgage

A Reverse Mortgage is a special loan program for people age 62 and older. The Federal Housing Agency (FHA), which is affiliated with the U.S. Department of Housing and Urban Development (HUD), created one of the first reverse mortgages. If a senior lives in their home, and owns it outright or has a low loan balance, then the FHA Reverse Mortgage is a tool to convert a portion of the home’s equity into cash.