Financial Help for Seniors

Some seniors are on a fixed income, and find that their available funds don't stretch to cover all of their needs. Financial assistance for senior citizens allows them to purchase needed medication, eat well-balanced meals, and live in a desirable area.

Reverse Mortgage

Senior citizens who are at least 62 years old, currently live in their own home, and have either paid off their mortgage balance, or only have a small balance left, are eligible for a Home Equity Conversion Mortgage, through the Federal Housing Administration's (FHA's) reverse mortgage program, Other borrower requirements include not being delinquent on a federal debt, and participation in a consumer information session. "Senior citizens can borrow against the equity in their homes, and select one of five payment options to receive the funds," according to the United States Department of Housing and Urban Development (HUD). Options include monthly payments, a line of credit, or a combination of both.

Tax Assistance

"Sponsored by the IRS, the Tax Counseling for the Elderly Program, provide free tax assistance to seniors who are at least 60 years of age," according to the IRS. The AARP offers the Tax-Aide program to low to middle income (usually $49,000 or below) taxpayers, with special attention to taxpayers who are least 60 years old.

Meal Delivery

"Meals on Wheels provides a hot lunch meal to senior citizens who are unable to prepare a nutritious meal," according to MealsOnWheels.com. Meals are delivered Monday thru Friday, and meal volunteers provide friendly conversation, as well as a daily safety check. Special diets such as low sodium or diabetic can usually be accommodated. Most local programs ask senior citizens to make a small contribution if possible, and if not, seniors may be eligible for financial assistance.

Medicare

"Medicare is health insurance for senior citizens who are at least 65 years of age," according to Medicare.gov. Medicare Part A covers care in a hospital, hospice, or nursing home, and Medicare Part B covers doctor's visits and other outpatient care. Choose one of two options for Medicare coverage. Coverage under Original Medicare, which is managed by the Federal government, allows seniors to choose either Medicare Part A and Part B, or both. A deductible applies, and a co-payment is charged at each visit. With Medicare Advantage, (Part C), which is provide through a private company approved by Medicare, additional services are provided, with senior citizens paying a monthly premium, and co-payments. Senior citizens must have both Part A and Part B to join a Medicare Advantage plan.