UPDATED: October 24, 2018 – Finding your way as a senior citizen can be difficult at times. From physical changes in your body to imposed societal limitations, life can be rough. Luckily, the federal government empathizes with your struggles and has created several programs to help. Here are five of the best government-funded sources for seniors.
Medicare – Part A, Part B and Prescription Drug Coverage
Created primarily for individuals over the age of 65, Medicare is an insurance provider with two parts.
Whereas, Part A of the program provides coverage to patients who have in some way paid into the system, Part B assures patients who did not necessarily contribute to Medicare when they were working.
Both plans cover inpatient and outpatient services as well as some home health care. Part B Medicare requires monthly premium payments and covers certain physical and occupational therapist treatments that are not insured under Part A of the program.
There is also a Prescription Drug Coverage portion of the assurance system that helps lower prescription drug costs today while protecting seniors against pharmaceutical inflation tomorrow.
Prescription Drug Coverage is considered insurance, and not supplemental coverage, hence requiring a monthly premium separate from Medicare Parts A and B.
Supplemental Security Income (SSI)
Individuals who are over the age of 65 with limited resources can receive income from the government under the Supplemental Security Income program.
In order to qualify, a person must be either blind or disabled with limited access to assets that can be liquidated for cash.
Social Security Retirement Insurance
Similar to a pension earned from working years on a job, Social Security Retirement Insurance is given to citizens who are 62 years of age or older and no longer part of the workforce.
In order to qualify, a person must have worked and paid into the system to the extent of having earned enough social security credits.
Individuals who retire within at least ten years of working one full-time job will have earned at least forty credits, which is enough to claim Social Security Retirement Insurance.
Independent Living Services for Older Individuals Who Are Blind
The federal government gives grants to states every year in support of senior citizens who are blind. The Independent Living Services for Older Individuals Who Are Blind program provides services to individuals who are 55 years of age or older and blind.
Although a person does not need to be completely blind in order to benefit from the program, their visual impairment does need to be rather severe to be a candidate.
Independent Living Services carries the goal of reversing blindness in individuals whose impairment is not permanent. The program also helps those persons who are forced to live with the disability for the rest of their lives.
There are many housing developments throughout the United States that are solely meant for senior citizens. Such apartments foster communities where at least 80 percent of tenants are 55 years of age or older with limited income and assets.
Senior housing developments are exempt from the Fair Housing Act in that managers of these residencies may refuse to rent to individuals who are younger than 55-years-old.