Finances Articles

Medicare vs. Medicaid

Although they sound quite similar, Medicare and Medicaid are two entirely different programs. Medicare is a federally-run and operated program that is completely governed by the Federal Government, while Medicaid is a state-run, operated and governed program.

The criteria for eligibility are different among the two programs. While candidates for Medicaid are means tested, candidate eligibility for Medicare is determined exclusively by age. Medicare requires that candidates be over the age of 65 before they're eligible for the program, while Medicaid requires that the income meet the designated criteria regardless of what age the candidate is. 

How to Cut Health Care Costs

Oftentimes the senior population is hit hardest by rising health care costs, shrinking coverage, and increased medical needs. Many seniors cite medical expenses as their biggest concern heading into their golden years and are afraid they won’t have the coverage or the financial means to take care of their medical needs or enter an assisted living center when the time comes. So how can seniors cut down on health care costs? Here are some strategies on how seniors can cut health care costs.

Freebies for Seniors

There are many organizations and companies that cater to seniors through discounts and even free offers. Freebies for seniors can be found if you know where to look. There are just as many legitimate offers out there as there are illegitimate rip-offs, so it is important to use common sense when looking into such offers and discounts. The best companies that cater to seniors can be found through a local senior center. A senior center is a free community based organization that offers services, assistance, support and socialization to seniors. Senior centers offer reliable sources that have been screened for legitimacy. These following companies are known to provide excellent services and information geared toward the retiree or senior. The companies listed desire to see seniors succeed in living an active and healthy life while maintaining a fiscally sound budget.

Financial Planning for Quality Assisted Living Care

A major component of financial planning is factoring in costs toward quality assisted living care. People are living longer than they have at almost any other time in history, which means the need for care will continue to rise. The economy is down and health care costs are up. It’s never too early to incorporate assisted living financial planning into an overall financial strategy. Just as many people start a college fund for their child well in advance, so should people start saving and researching how to pay for assisted living care.

Financial Planning Options for Seniors

In a recent Gallop Poll of seniors ages 55 and above one of the major concerns was having financial stability after retirement. People are living longer and many seniors want to enjoy their golden years rather than having to worry about finances. Financial planning for seniors is a different process than for younger people because seniors are at a very different stage in life and have specific financial needs. So how do you go about planning your financial future if you’re a senior? Below we break down the steps on how to plan for your future and what options there are available for seniors.