Financial Assistance for Seniors: 8 Programs That Can Help

Did you know that over 9 million older adults in the U.S. aren’t claiming benefits they’re eligible for? That’s about $58 billion in benefits going unclaimed each year. These programs can provide financial assistance or reduce costs for food, medical care, and day-to-day living expenses. 

However, many seniors don’t apply for benefits simply because they don’t know they exist. Some may feel discouraged from applying because they think they make too much money to qualify or feel confused by the process. 

While retirement income and savings are important sources of money for seniors, they aren’t the only options. Every senior should know about these financial assistance programs and resources. 

8 Financial Assistance Programs for Seniors 

Here are eight safety-net programs designed to supplement fixed incomes, lower utility bills, and cover essential healthcare: 

1. Social Security Benefits

Most people rely on Social Security for a large percentage of their retirement income. If you worked and paid Social Security taxes long enough to qualify, typically about 10 years, you may be able to receive monthly retirement benefits as early as age 62. 

Your retirement benefits are based on your earnings history and when you choose to claim benefits. Survivor, spousal, and family benefits are also available through Social Security and may provide income to qualifying spouses, former spouses, children, and other family members. 

While Social Security benefits can provide a reliable source of income, they may be subject to federal income taxes. So, it’s important to learn how to lower your taxes on Social Security.

2. Supplemental Security Income (SSI) 

SSI benefits are not the same as Social Security retirement benefits. SSI is a federal program that provides monthly cash assistance to older adults and people with disabilities who have limited income and resources. 

If you are age 65 or older and have limited income and resources, you may qualify for SSI benefits. The monthly cash benefit can help cover living expenses. Qualifying for SSI can also make you eligible for other types of assistance. 

In many states, receiving SSI can also make you eligible for Medicaid, although enrollment rules vary by state. People who qualify for SSI may also be eligible for food assistance through the Supplemental Nutrition Assistance Program (SNAP).

3. Low Income Home Energy Assistance Program (LIHEAP) 

Heating and cooling costs can take up a significant portion of a fixed retirement income. LIHEAP can help eligible households pay energy costs, resolve energy emergencies, or make specific home repairs that reduce energy expenses. Eligibility depends on your household income, the number of people who live in your house, and where you reside. 

LIHEAP often prioritizes seniors. It’s best to apply through your state, territory, or local LIHEAP office’s website rather than the federal LIHEAP program.

4. Medicare Savings Programs

Most seniors focus on getting Medicare coverage without realizing there are programs available to help pay Medicare-associated costs. 

Medicare Savings Programs are state benefits that can assist with paying your Part A or Part B premiums and may even cover your deductibles, copayments, and coinsurance if you qualify. These programs are designed for individuals who have limited income and resources. 

Don’t feel discouraged if you think your income is too high. Every state has different eligibility guidelines, so it’s worth applying. Qualifying for a Medicare Savings Program can significantly reduce your healthcare expenses. If you qualify, you also automatically qualify for Medicare’s Extra Help, which can help you save money on prescription medications. 

5. Medicaid 

Many people think that Medicaid only helps low-income families with children. In reality, many older adults are also enrolled. If your income and assets are below your state’s thresholds, Medicaid can help cover medical costs that Medicare doesn’t pay for.

Depending on your state and eligibility, Medicaid may also help cover premiums, deductibles, copayments, long-term care services, personal care services, hearing aids, eyeglasses, and more. 

Some older adults qualify for both Medicare and Medicaid, giving them more complete coverage and lower out-of-pocket costs for medical expenses that may eat up retirement savings.

6. Supplemental Nutrition Assistance Program (SNAP)

Groceries may comprise a higher percentage of your budget than you’d like, particularly when food prices increase, and your retirement income doesn’t. 

SNAP, or the Supplemental Nutrition Assistance Program, can help qualified households buy food. Each month, eligible households get SNAP benefits that can be redeemed at participating grocery stores and retailers. 

If you qualify for SNAP, you’ll have more money for other essentials like rent or mortgage payments, utilities, prescriptions, and transportation. People who receive Supplemental Security Income (SSI) may also qualify for SNAP, although eligibility and application procedures vary by state. 

7. Senior Farmers’ Market Nutrition Program

Groceries such as fresh fruits and vegetables can be costly, but your food budget might go further with the Senior Farmers’ Market Nutrition Program. 

Through the Senior Farmers’ Market Nutrition Program (SFMNP), eligible low-income adults (typically those age 60 and older) receive coupons or electronic benefits they can redeem for eligible foods at participating farmers’ markets, roadside stands, or community-supported agriculture programs. 

Benefit amounts vary by state, so check with your state’s program for eligibility requirements, vendor lists, and application deadlines. This program is a great way to buy fresh, healthy foods while supporting local farmers.

8. Property Tax Relief Programs 

While your home may be an asset, property taxes can become costly throughout retirement. State and local governments offer a variety of property tax exemptions, reductions, deferrals, and credits for older homeowners. 

Eligibility requirements can vary widely by state and locality. Some are based on age, while others consider income, disability, home ownership, or duration of residency. 

While some programs may lower the amount of taxes you owe, others allow you to postpone payments until you sell your home or settle your estate. Reach out to your local tax assessor’s office or state tax agency to see what programs you may be eligible for.

How To Find Financial Assistance for Seniors

Not sure which programs you qualify for? Start by checking with your local Area Agency on Aging or using the National Council on Aging’s BenefitsCheckUp tool to search for benefits that may be available in your area. You can also contact individual programs directly to learn about eligibility requirements and how to apply.

Because eligibility requirements vary by program and location, don’t assume your income or assets are too high to qualify without checking first.

Take Advantage of Financial Resources for Seniors

Successful retirement is rarely about finding a single windfall. It’s about taking advantage of the credits, savings, and benefit programs available to help minimize your monthly living expenses.

The programs above can help you stretch a fixed income, maintain your independence, and afford essential expenses such as food, housing, healthcare, and medications.