Home Care Services Help Seniors Find Financial Assistance

Home care providers are a great source of information for seniors researching financial support

. With New Year's resolutions to save money still on our minds and tax time here, many seniors are wondering if they are on solid financial footing. With so many differing economic predictions for 2012, it is prudent to prepare for the unexpected by saving more and spending less.

Seniors, according to U.S. News & World Report, "will be facing recessionary conditions and erosion of financial gains they've achieved during the past 40 years," for at least the next 10 years.

The effects on senior safety net programs such as Medicaid, Medicare and Social Security are concerning, especially as more Baby Boomers become part of the 65 and older population. While many changes are sure to happen, the most important thing seniors can do now is to pay attention.

Here are five tips to becoming financially savvy:

Get educated. Someone once said, "If you think education is expensive, try ignorance." That is especially true when it comes to senior financial planning. It's important to understand Social Security, including when to claim benefits and which benefits to claim, to get the most from this government program. There are Social Security claiming guides available and a great deal of information on the Social Security website - start reading!

Shop around. Do your research and shop for better rates and coverage terms on your Medicare policies. Don't just stick with the same plan each year!

Take advantage of what is available. There are nearly 3 million Americans who turn 65 each year, however, in 2011, only 66,000 of them took advantage of the free and reduced-price menu items offered by The Affordable Care Act. Check out the list of preventive services available on Medicare's website.

Spend smart and save. The government has been pretty clear: Expect less support and rely more on yourself. Most Americans have already made cuts in every area of their budget, but make sure you are setting aside money for future needs such as rising living expenses, elderly care services, medical costs and prescription costs.

Max out your 401(k) and IRA. Taking full advantage of employer matches in 401(k)s and all available tax breaks for IRA contributions. Do your research, talk to experts and make sure you're doing everything you can to save.

If you find you are struggling to make ends meet, many home care services can offer information regarding federal, state, or private programs that provide financial care to help cover medical, home care or prescription costs. Check with your home care provider to see if it knows of organizations you can contact to find out more.

When it comes to elderly care, you deserve the best. If finances are a concern, remember that there is a myriad of support available - you just need to know where to look!

by: Kara Knapp

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