The Department of Housing and Urban Development defines an elderly person as someone at least 62 years old. If you have not yet reached age 65, when Medicare begins, you must pay for health care if you cannot afford insurance. However, the elderly have many options when seeking financial help.
Medical Assistance
Speak with the hospital administrator about charity programs that help elderly patients with partial or full payment of the outstanding balance. Ask your doctor to prescribe inexpensive generic medicines to treat your conditions. If you do not yet qualify for Medicare and do not have health insurance, ask your pharmacist about a store discount program for prescription medicines.
Early Social Security
If you are not able to work full-time but have not reached full retirement age, consider applying for Social Security benefits early. Social Security reduces the benefit amount when you apply early, and your year of birth determines the percent reduction. You may work part-time to supplement your Social Security pension. Visit the Retirement Planner web page of the government's Social Security website for the amount you can earn without reducing Social Security payments.
Charity
Military veterans may qualify for funds through the Veterans Assistance Foundation. Catholic Charities USA provides many forms of financial help, including rent and utility payments, free transportation, food and financial counseling. Other nationwide charities to contact include the Salvation Army and United Way.
Houses of Worship
Synagogues, churches and mosques help the elderly in their community to defray the cost of living. The amount of church funds determines the type of financial assistance offered. Their financial assistance may include an emergency payment for prescription medicine or a mortgage payment to avoid foreclosure. Houses of worship run food pantries that free up some of your money for other expenses.
Retirement Account
Seniors can make withdrawals from retirement accounts such as IRAs and 401k plans without penalty after age 59 1/2. Tap into your retirement savings to pay for necessary expenses.
Life Insurance
Contact your insurance agent about borrowing against the equity of a whole life insurance policy. Borrowing against the equity keeps the policy in force but reduces the cash outlay to your heirs.
Home Equity Loan
A home equity loan or home equity line of credit can help you obtain needed funds. The drawback of this method is that you must have sufficient income to repay the loan, or you will lose your home. However, if your financial difficulty is a temporary situation, such as waiting for processing of your Social Security or disability application, tapping the equity in your home may be a suitable solution.
Government Assistance
Seek government assistance. Visit a social worker at your state welfare office to apply for state and federal programs. The Supplemental Nutritional Assistance Program (formerly called food stamps) helps to keep food on the table. Cities and states offer elderly assistance with rent and utility bills, especially if you are facing eviction or the shut-off of a utility.
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