Introduction
Unless you are independently wealthy, sooner or later you will be in need of some type of government assistance. The question is what type?
There are a number of programs available to help reduce the amount of financial stress on families. For example, the Social Security Administration offers benefits such as cash and medical insurance which can also help with prescription drug expenses and health care costs. They also provide services such as food stamps, scholarships for seniors and disabled persons, low-interest housing loans and energy conservation assistance.
There is even more support available through other agencies such as the Department Health and Human Services (HHS) that can provide both cash and in-kind assistance to individuals who meet certain eligibility requirements. Many of these benefits and services can help ease the burden of costs like: healthcare costs, food, rent and housing.
There are also many government assisted senior programs available to those who meet certain criteria. These include: Home Care Medicaid helps families pay for the care and services needed by elderly family members at home. Other federal programs may also be available to assist seniors who are struggling with debilitating medical conditions or have no other way to pay their medical bills.
Social Security is the largest part of the U.S.’s Old-Age, Survivors, and Disability Insurance System (OASDI). The Social Security Administration (SSA) is the federal agency that administers this part of the OASDI. Social Security is actually a set of several programs, all of which are eligible for benefits. The programs’ names and acronyms, however, aren’t important at this time since there isn’t much to explain about them.
The following is a description of one program: Supplemental Security Income (SSI). It provides cash payments to low-income elderly and disabled Americans who are younger than age 65 with limited income. Only those individuals who meet program requirements are entitled to benefits though they may receive all or some of the SSI dollars they are eligible for. The following is an example of the benefits available to individuals in need:
Medical expenses can include premiums for long-term care insurance, or nursing home, home health care or hospice care.
Older adults who are eligible for Social Security will get an annual benefit based on their retired worker’s average lifetime earnings. This benefit equals 36% of the worker’s average lifetime earnings plus 6% of the worker’s average indexed monthly earnings to a maximum monthly amount set for each year. The limit varies by year but it is capped at about $2,000 for 2016, 2015 and 2014. The average indexed monthly earnings consists of the past 12 months’ wages divided by 12 to get a monthly wage average.
Government Assistance For Seniors
Direct government assistance for seniors in the form of cash payments can be received by individuals who meet Social Security eligibility requirements. The only way to find out if you qualify for this medical benefits program is to apply online or by phone. To apply online, you must have either a copy of your Social Security card, a visit certificate number, or the number from your Medicare card.
Medicare is another government medical insurance program that covers health care services for people 65 years old and older. It is funded by several payroll deductions from each worker’s paycheck called Federal Insurance Contributions Act (FICA) taxes. FICA taxes are paid equally by employers and employees. The Medicare program provides health care coverage to eligible people enrolled in Part A and Part B pay for their own coverage.
Medicare Part A (Hospital Insurance) helps pay your hospital bills, skilled nursing facility (nursing home) bills, home health care agency bills, hospice care bills and some other medical services provided by hospitals. If you worked over the years and paid into Medicare using pay-as-you-go taxes, the program will help you pay for your necessary medical expenses. But if you did not work or paid little into it, you may have to pay more yourself.
Medicare Part B covers doctors’ visits, outpatient prescription drugs, preventive services, equipment and supplies plus some other medical services. If you did not pay into Medicare at all or have a low contribution, you may have to pay more for your medical expenses.
Social Security helps you pay the rest of your bills. To receive benefits from Social Security, individuals must be eligible for Supplemental Security Income (SSI). SSI is a federal means-tested program that provides income to low-income disabled and elderly people who have no other means of financial support. These individuals receive money from the federal government to pay for basic necessities such as food, housing, utilities and medical bills.
The SSI program provides a monthly cash benefit of up to $735 for an individual and $1,103 for a married couple in 2016 depending on which state they live in. The Social Security Administration reviews the financial income of applicants who report having assets over $2,000 or receiving more than $500 per month from other sources.
In addition to Medicaid, the federal government supports a number of other programs that provide cash and in-kind help to low-income seniors. These programs include Social Security, Food Stamp Program, Low Income Home Energy Assistance Program (LIHEAP), Low Income Home Energy Assistance Program (LIHEAP), Medicare and Social Security.
The Food Stamp Program is a federal program that helps low-income people purchase food. States give their residents “food stamps” in exchange for cash benefits from the US Department of Agriculture. The program is funded by taxes on food processors and wholesalers. It provides monthly monetary benefits equivalent to about $1 per person per day to eligible households.
Conclusion
Many people do not realize that many emergency and non-emergency medical bills can be paid for by the government. By using one of the above listed programs and services, seniors can receive much needed assistance. Low income and elderly individuals who need financial assistance to pay for their medical expenses should seek help.
Social Security is a federal insurance program that provides cash benefits to people who are eligible, disabled or older than age 65. The Social Security Administration administers this medical benefits program. Social Security is made up of several different programs each of which provides its own benefit(s). The programs’ names are not important at this time since there isn’t much to explain about them right now.