What Are Some Financial Aid Options for Seniors?


Quick Answer

One of the top government assistance programs for the elderly is Medicaid, according to A Place for Mom, but individuals or couples must meet certain requirements before qualifying. States and municipalities also offer various financial assistance programs for the elderly, such a tax exemptions, as NeedHelpPayingYourBills explains.

Continue Reading
Related Videos

Full Answer

Medicaid is a federal program administered by the states, and it is different than the Medicare plan available to seniors, as A Place for Mom relates. While Medicare covers only short-term care or stay at a nursing home, Medicaid's coverage is much more comprehensive. To qualify, seniors must put almost all of their assets toward care and meet income limits or have medical and other expenses beyond their incomes. A married couple may be able to retain some assets, such as a home in the name of the healthy spouse.

Other forms of senior assistance include programs that help with housing for eligible residents of low- and moderate-income senior housing; bill-paying assistance and legal advice; and the service of home-delivered or congregate meals, reports NeedHelpPayingYourBills. Many states and counties also offer property tax exemptions and property-assessment freezes for qualifying seniors. A freeze keeps the assessed value of a senior's property at the amount it was after a property owner turns a determined age. This prevents property taxes from continuing to rise with the value of the property.

Learn more about Financial Planning

Related Questions