There are so many senior benefits out there, many of them you probably don’t know about if you’re a senior in America. We had just enough space in this article to tell you about 5 major senior benefits that you probably don’t know about. Pay close attention to these different benefits because one or more of them will apply to you.
Home Loans for Senior Citizens
There are millions of seniors in America applying for home loans, but too many of them are not applying for senior home loans that they would’ve qualified for. These are called reverse mortgages and there are great deals out there for seniors. It’s important to know what they are where you can find them.
What is a Home Loan for Seniors?
Home loans for seniors age 62 and older are actually reverse mortgages. More specifically, HECM reverse mortgage loans are insured by the Federal Housing Administration and allow homeowners to convert their home equity into cash with no monthly mortgage payments.
Do you think a Senior Home Loan is for you?
It’s very possible that a senior home loan is the best option for you. These reverse mortgages keep money in your pockets, and here is how you benefit. This helps seniors who are on a fixed income as it gives seniors a return on the investment into their home. You actually won’t have to pay on the loan so long as you are meeting the guidelines, including but not limited to maintaining the home, keeping the home as your primary residence, and you are paying property taxes and home insurance.
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Senior Life Insurance
One of the most important benefits you can have is senior life insurance. Millions of seniors don’t know that there is life insurance out there specifically tailored to their needs. There are a few things you’ll want to know about senior life insurance before you make the jump, and you’ll want to know where the ideal deals are for life insurance. Here it is!
What is senior life insurance?
The easy thing to remember is that senior life insurance is like most kinds of life insurance, it covers most end-of-life expenses. However, there are important differences as well. Senior life insurance adheres to its own set of rules and offers unique benefits.
Your family can be responsible for over $7,000 in funeral expenses. Regular life insurance is always cheapest for people in their 20s, and then premiums increase after age 30. But if you’re reading this you’re probably not in your 20s, and you’ve probably been denied life insurance due to your age. Senior life insurance was created to alleviate this issue and get coverage for seniors. These insurance plans have low investment risk and because they are a variant of whole life insurance, it also has a cash value that will build over a number of years. Seniors usually buy these plans to benefit their families more than themselves because the cash value isn’t super high due to the low face value of the policy. It’s also great for your family because the payouts are quick and painless and your family will have immediate finances for paying funeral arrangements and other costs to get your estate settled.
Is senior life insurance right for you?
Consider the premiums you’d be responsible for. Insurers have great deals for seniors despite the fact that senior life insurance does cost more per year than average life insurance for younger folks. 12-month premiums are still incredibly manageable, with policies ranging from $900 to $4,000 per year, depending on the benefits you want to be included in the policy. Remember to compare prices that different insurers are offering you, the more research you do, the better chance you’ll have to land a policy that fits your needs for the best price.
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AARP Insurance
While AARP has become a household name in recent years, there’s a ton of AARP benefits that seniors are missing out on that they can take advantage of. Are you curious to know what AARP benefits you could be eligible for? Before we get started, let’s talk about some of the benefits that AARP offers that you may not have heard of.
What are some of the AARP benefits I’m missing out on?
Eyewear, vision care, and hearing exams are a crucial part of your preventive care as a senior. You may not have heard, but AARP has partnered with EyeMed to provide members and their families with discounts on eye care, such as eye exams for as little as $55 and hefty discounts on eyeglasses. AARP also provides a program to seniors with free hearing checks that can be done over the phone. Another important benefit is discounts on prescriptions. Medications are burning holes in people’s pockets these days, and AARP works with OptumRX and has introduced discounts to keep you above water when it comes to paying for your medications. Your savings could be 61%. That’s amazing! Here’s another great one: on an AARP plan, you can add a spouse or partner for free!
Do you see yourself using some of these benefits?
These benefits are so universal to seniors, there’s no reason not to get an AARP policy and start taking advantage of these benefits right away. AARP plans are reasonably priced and they understand that seniors need a great insurance plan with great benefits at a modest cost. Take a look at the different AARP plans out there and compare prices, there could be an affordable policy for you with benefits like above.
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Best Car Insurance For Seniors
It can be tough finding an affordable auto insurance policy as a senior, especially if you’re on a fixed income. There are great insurers out there that you probably didn’t know to offer some really great auto insurance. You’ll want to do your research about the best policies that are out there, there are some incredibly great deals out there.
What’s special about Senior Car Insurance?
These auto policies are specifically tailored to the needs of senior drivers. For example, seniors won’t lose coverage unless they fail to pay their premiums or fail to maintain a valid driver’s license. For some policies like AARP, you can get a 3% discount just for taking a defensive driving course. AARP partnered with The Hartford because they are well known for their 24 hours, 7 days a week claims reporting hotline and they have one of the best customer service ratings in the country. Other benefits include programs like RecoverCare, in which after a car accident, it covers the costs of your daily household chores like cooking and cleaning. Your Medicare does not cover those things. Seniors are also offered plans with vanishing deductibles, meaning for every year of safe driving, your deductible would decrease.
Is this the kind of auto insurance plan for you?
Because there are so many different insurers out there who want your money, it’s necessary to find out which policy is best suited to your needs. The goal is to find a policy with both the lowest deductible and premium but with the highest coverage.
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Medicare Senior Housing
If there’s one thing we know for certain that’s always on senior’s minds, it’s affordable housing. You may be a senior who is on a fixed income and can’t afford pricey living quarters. However, there is housing for seniors that is subsidized by Medicare. These are mostly low-income housing communities, so if you’re on a tight budget and you need housing, then this is definitely the right choice for you. But keep in mind some subsidized senior housing is different than others, so you’ll want to find out which is the right fit for you.
What is Medicare Senior Housing?
This type of housing for seniors was designed for individuals who want to move into senior housing communities but don’t have much money in the bank or their monthly check is too low. It is subsidized by the government, and most neighborhoods are designed like apartments, that way they can house as many seniors as possible with the best accommodations possible. Subsidized senior housing provides low to moderate income seniors with low rents, and comfortable rooms. The great thing about these housing communities is that many offer services to help seniors with everyday activities like cooking meals, housekeeping, and drives to the grocery.
Can Medicare Senior Housing be your next move?
Our advice to you here is that you will want to find affordable Medicare senior housing that will be closest to where you currently live or where your family lives, it will be super important to keep your family close so that they can make frequent visits to your new apartment. Also, find out what subsidized housing opportunities will provide the most benefits for the least cost. Don’t just take it from the landlords, ask the neighbors there what benefits they receive, and compare them to your interests. Doing this kind of research is imperative to know where to look for high benefits, low cost subsidized senior living.
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Citations:
https://reverse.org/what-is-a-reverse-mortgage/
https://finance.zacks.com/senior-life-insurance-offer-you-10759.html
https://www.aarp.org/benefits-discounts/my-membership/info-2017/know-your-benefits-photo.html
https://www.thebalance.com/best-car-insurance-for-seniors-4158714
https://www.thebalance.com/best-car-insurance-for-seniors-4158714
https://www.medicare.gov/what-medicare-covers/what-part-a-covers/what-are-my-other-long-term-care-choices
