by Nancy Gau, Healthcare Chair
Costs can add up quickly, so it’s beneficial to find ways to save money when possible. Seniors can save money through various cost-saving measures, such as budgeting and taking advantage of discounts that some businesses offer to those starting at the ages of 55, 60, 62 or 65. Here are some great ways for seniors to stretch their retirement savings and consider new options that can help save them money.
seniors-saving-money1. Shop for new healthcare coverage
 Review your insurance policies and shop around for a better rate.

Medicare healthcare coverage that doesn’t match your needs can end up costing you more in the long run. According to a report by HealthView Services a healthy 65-year-old couple who retired in 2021 will likely spend between $156,208 and $1 million on their lifetime healthcare costs, depending on their lifespan and their location.

Check in with a Medicare agent to help determine if you need to make changes to your Medicare coverage during the Annual Enrollment Period (October 15th to December 7th each year) to help avoid unexpected out-of-pocket costs. You can get an online quote at Medicare.org for Medicare plans that fit your healthcare needs. Or call (888) 815-3313 – TTY 711 to get answers and guidance over the phone from an experienced licensed sales agent.
You can also seek assistance at the Area Agency on Aging Elders Helpline (1-866-684-5885).

2. Investigate discounts on prescriptions. 

If a prescription price with your insurance card seems high then talk to your pharmacist, to see if paying directly (without your insurance card) may be cheaper.
You can also use the GoodRx discount guide to see who has the lowest price. (Go to GoodRX.com).  Keep in mind that you cannot use GoodRx and insurance at the same time. YOU CAN ALSO INQUIRE ABOUT A GENERIC THAT MAY WORK JUST AS WELL AND SAVE YOU MONEY, e.g., a patient may pay $500 for Symbacort whereas a generic may cost @$200.

Note:  The Biden Administration has recently negotiated with Medicare administrators to lower the price of 10 prescription meds but this will not become effective until 2026, and drug manufacturers may appeal.

3. Cut your transportation expenses.

You may not be driving to work anymore, but car ownership can still be expensive. According to AAA, the average cost to own and operate a new vehicle annually is $8,469. Maintenance and repair on older vehicles can also add up.  For many people, not owning a car isn’t an option. However, you can save costs in other ways, such as shopping for a lower insurance rate, or carpooling with other people. You might also consider moving to an area that has public transportation or a high walkability score so you don’t need a car to get to the places you need to go.

4. Take advantage of senior discounts.

One of the perks of being an older adult are senior discounts. All you have to do is ask businesses if they offer them. You can also look on a company’s website to see if they advertise any discounts. Look into retailers, restaurants, grocery stores, gyms, utility providers, auto services, hair salons, transportation and travel services, and low-cost cable TV providers that may offer discounts for seniors.

Utility assistance is also available to seniors who qualify.  You can submit your application online at utilityassistancepbc.org. You can also call their office for an appointment (561-355-4792) or email them (CSDCares@pbcgov.org).

5. Ask about Veterans’ discounts.

If a business doesn’t offer senior discounts, and you’re a veteran, find out if they offer veterans discounts. Those same retailers, grocery stores, and restaurants that don’t offer a senior discount may offer a percentage off of your purchase or sometimes even a freebie by showing a valid military ID.

6. Join a discount club.

Consider what type of discount club would benefit you most and provide the biggest “bang for your buck” if you join. Depending on your lifestyle, interests, and purchasing habits, a membership with AARP, The Seniors Coalition, or The American Seniors Association (ASA) may benefit you. There’s also the National Active and Retired Federal Employees Association for federal workers. And for RV enthusiasts who plan to spend a lot of time on campgrounds and would benefit from park discounts, there is the Good Sam Club (short for “Good Samaritan”), Camp Club USA, Escapees RV Club, Passport America, and more.

7.  National park admission senior passes.

Access over 2,000 federal recreational sites and national parks with an “America the Beautiful” National Parks & Federal Recreational Lands Lifetime Senior Pass or Annual Senior Pass. These senior passes may also provide a 50% discount on some amenity fees charged for facilities and services such as camping, swimming, boat launch, and specialized interpretive services.

8. Visit public institutions.

Take advantage of public institutions like public libraries, parks, schools, and community centers that may offer free or discounted services, educational opportunities, and events. Not only can you rent books and movies from the library, but many also offer free programs and classes. Parks typically hold concerts in the summer for free. Some colleges offer reduced or free non-credit college tuition to those 55 years of age and older.

9. Consider new living arrangements.

As you age, and situations in life change, you may need to adjust accordingly. For example, if you currently live alone and the costs are adding up, consider alternative living arrangements such as getting a housemate or moving to a senior living community that may be more affordable than the upkeep of your own home, utilities, and caregiving, transportation, and grocery costs.

10. Thrift stores.

Thrift stores are an affordable option for clothing, accessories, and home goods. However, tack on the senior discount that many offer and you may get a new item for a lower price.

If you would like to find out more about the benefits available for you or a loved one, you can use the BenefitsCheckUp tool provided by the National Council on Aging. This tool can help you identify benefits that you may be eligible for based on your location, income, and other factors.

I hope this information was helpful!

Sharon Lent, Healthcare Issue Group

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On November 8, 2023   /   Healthcare, Recent News