Shortly after retiring seniors find themselves receiving fixed income and with today’s rising cost in living and health care one must know how budget you money accordingly. There are a lot of free services that offer seniors money management advice. Financial stability is becoming less prevalent among seniors and some don’t want to fall into debt late in their lives.
“Senior citizens and others living on a fixed or low income know how difficult it is to make ends meet, especially when costs for essentials like health care, food and energy increase faster than their sources of income.
Here are a few cost-saving benefits available to people on fixed incomes – especially seniors:
Prescription Drug Assistance Programs. Most pharmaceutical companies offer patient assistance programs (PAPs) that provide uninsured and low-income people access to prescription drugs they couldn’t otherwise afford. Ask your doctor, pharmacist or health clinic for details. Other good resources include: Medicare’s alphabetical list of drugs available through PAPs, with links to detailed eligibility information (www.medicare.gov/pap/index.asp); Partnership for Prescription Assistance (www.pparx.org); RxAssist (www.rxassist.org); and NeedyMeds (www.needymeds.com).
Other money-saving ideas for medical expenses include:
- Government-provided programs that help people with limited income and resources pay for medical coverage, including Medicaid and Medicare. For a good round-up of these programs, go to www.medicare.gov and click on “Get Financial Help.”
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