Many older adults in the United States live on a fixed budget and need to save money to afford life expenses. With the costs of care and living continuing to rise, they often ask trusted financial experts how to make ends meet. Careful budgeting may be the answer, but clipping coupons may not be enough. How can your senior clients make the most of each dollar to ensure they can manage their life and senior care within their budget? We’ve compiled a list of ways seniors can stretch their dollars, like accessing utility cost-saving programs, how to save money on food and transportation, and ways to make the most of their senior care expenses.
Budget-friendly utility programs for seniors
Budgeting may involve cutting out unnecessary expenses, but basic utilities must remain as line items in the monthly budget. Fortunately, programs, services, and discounts exist to help older adults power their homes even while on a strict budget. Many states have programs that help low-income older adults afford their utility bills more comfortably.
Get help paying internet and phone bills
While cell phones and internet access used to be a luxury, they have become staples in communication in recent decades. There are many reasons seniors benefit from having cell phones and internet access, so it’s important to help senior clients retain these methods of staying connected. Programs can help seniors get budget-friendly cell phone service and reduced-price internet access.
Get help paying water bills
The Low Income Household Water Assistance Program is available in many states. It can help customers restore discontinued services, decrease their water bill, or keep their water on, depending on their area. The program’s website shows that applications were closed as of March 2024, but those in need can check back and search for their state to learn if they can apply for assistance.
Get help paying energy bills
States participate in the Low Income Home Energy Assistance Program to help low-income customers pay for their utilities. Find your state’s program contact information to help your senior client get the help they need to manage their home expenses.
How to control transportation and nutrition costs
Eating properly, getting to doctor appointments, picking up prescriptions, and running other errands are essential to a senior’s vitality and life. When factoring in the price of food, prescriptions, vehicle maintenance, fuel, and insurance, these costs can be prohibitive to a senior on a budget. Here are some helpful tips you can provide to your senior clients that can help them manage their non-utility living expenses:
Local transportation services
Each state receives funding to operate senior services and programs. Counties or regions within the state typically operate these programs. These services are not for emergency situations. Individuals experiencing an emergency should still use emergency services. Every state’s programs differ, so you’ll need to find your area’s programs. As an example, the Seattle, Washington, area has a free transportation program for seniors and also a number of other reduced-fare options that help older adults get around.
Save money on prescription medications
Almost all older adults take medications to manage chronic conditions. The cost of these medications can add up quickly. Luckily, there are programs that can help older adults save money on prescriptions. Medicare and Medicaid can help, as can Veterans benefits programs, along with others like GoodRX and even Costco memberships. Programs may vary based on your client’s location, but many can help with the cost of medications.
Cut costs on food and meals
Nutrition is essential to health in late adulthood, but buying nutritious food, like fresh produce and meat, can be expensive. In some cases, seniors on a fixed budget may turn to processed foods that lack key nutrients and vitamins. Here are some ways your senior client can cut costs on food to help balance their budget and care for themselves well at home:
Senior center group meals
Many senior centers operate congregate or group meals a few times per week. These nutritious, hot meals are available to participants for a low cost. The senior will need to inquire about the price, but it is typically around $5 per meal. These congregate meals allow seniors to get out of the house, socialize, and eat a nutritious meal.
Home-delivered meals
Seniors may also qualify for home-delivered meals, frozen or ready-to-eat nutritious meals. Depending on the senior’s income, these meals may be free of charge. For others, it may cost a small fee per meal.
Public food assistance programs
The U.S. government operates food assistance programs that seniors can participate in. These programs provide funding or access to food. In many areas, programs like the Seniors Farmers Market Nutrition Program allow older adults to get fresh produce for affordable prices.
The Supplemental Nutrition Assistance Program (SNAP) is accepted in many stores that sell food items across the U.S., and people can even use it on qualifying purchases through services like Uber Eats and Instacart.
Use home care services strategically
Many seniors want to age in place, which is when a person remains living in their home for as long as possible. For some older adults, this choice is also made out of necessity because moving to an assisted living or other senior living community is not financially feasible. Home care services can be a great help to seniors who are aging in place and need assistance with activities of daily living. These services also come at a cost, which can be out of many seniors’ budgets, but with careful planning, prioritizing, and budgeting, a senior can get the help they need to live at home independently.
The national median cost of homemaker services is $30 per hour. Home health aid services are $33 per hour. The cost of these services may be higher or lower for your client based on their geographic location and the care they need. Weekends and holidays may cost more, depending on the specific home care agency’s policy. Consider a scenario in which a senior needs eight hours of help seven days a week from a home health aide. That senior might pay over $8,000 per month if they pay the national median with no added fees for weekends and holidays.
Seniors can save money on home care costs with the following strategies:
Limit the hours to highest priority times
Choosing a four-hour shift instead of a full eight hours will cut the bill in half. Perhaps the senior wakes early and enjoys the mornings but struggles to have the energy to take afternoon medications and put dinner on the table. Choosing to schedule a caregiver from 2 to 6 p.m. could work well, as they can assist with afternoon and early evening medications, help with chores before dinner, and then heat up dinner before they leave.
Be selective about the days of the week
If weekends cost more, assess whether having a caregiver on the weekends is a necessity. Should the senior have children who can stop in to visit or drop off groceries, the senior may not need a caregiver on weekends. Further, if the caregiver can help prepare meals that can be reheated easily in the microwave, the senior can cut down further by scheduling the caregiver every other day during the week.
Utilize the caregiver to help complete household tasks
If housekeeping has become difficult, many home care companies can help. A housecleaning service may cost hundreds of dollars per month, but caregivers can often perform homemaker services during their shift for no added cost. While they typically don’t perform deep-cleaning tasks, they can wash the dishes, change bedsheets, vacuum, and even do laundry. Seniors with small apartments may realize they can get all the housekeeping maintenance done through their caregivers.
Ask about the agency’s transportation policy
Many home care agencies have a transportation policy. Some charge a reasonable per-mile fee if the senior uses the caregiver’s car, and it may be free if the senior uses their own vehicle. This service could be well worth it if a senior needs to buy groceries or go to a doctor’s appointment. Getting to and from a grocery store that’s five miles away will only cost the senior $2.50 if the home care company charges 50 cents per mile to use the caregiver’s car, which is more cost-effective than a ride-sharing service and comes with the built-in assistance of the caregiver.
Use inexpensive products to stay safe at home
If it is within the senior’s budget, obtaining a few key items can help them live more safely and comfortably at home without having to pay for care. Some of the following products are considered durable medical equipment and can be partially or fully covered by Medicare if the senior’s health care provider deems them medically necessary. Using products like the ones below can help your senior client stay safe while living at home and reduce hospitalizations.
Enhance bathroom safety
Grab bars can be easily installed with no drilling or tools. Many affix to a wall using strong suction cups. At less than $20 for a pair, these items can help prevent falls and allow the senior to bathe more safely. They might also consider toilet handrails, which can be placed around the toilet with no drilling or other installation needed. The senior can use the rails to assist them on and off the toilet, making it possible to perform this activity of daily living without needing the assistance of a caregiver.
Walking aids and mobility devices
Walking aids, such as canes, walkers, and others, can mitigate balance issues and unsteady gait. These durable medical equipment items can enhance a senior’s safety for very little cost. If the senior’s health care provider prescribes the use of one due to medical necessity, Medicare may cover 80% or 100% of the cost of these items.
Transfer devices to move from one seated position to another
If a senior can move about easily but has trouble standing up from a seated position, they may be less inclined to stand up and take care of tasks for themselves. This can lead to a more sedentary life and more potential health issues. Many different types of transfer devices are available to help seniors get up and sit down safely and easily.
There are many ways that a senior can utilize programs and services to help decrease their cost of living. By participating in the programs for which they are eligible, hiring home care services strategically, and utilizing products around the home to support safety and independence, your senior clients can make the most of their money and age in place with comfort, dignity, and safety.
