As your parents age, their financial concerns might become your concerns. There may come a time when they will require your help in sorting through their finances and even in finding financial assistance as their situation changes. There are many resources available to assist the elderly.

Social Security Administration

The Social Security Act was a program conceived by Franklin Delano Roosevelt and signed into law in 1935 as a social insurance program for U.S. workers age 65 and over. The economic crisis of the Great Depression (of the 1930’s) was the impetus for this program, which continues today. Visit the Social Security Administration’s Web site at http://www.ssa.gov to determine the retirement benefits available. Apply for benefits using their online Retirement Benefit Application at https://secure.ssa.gov/apps6z/iRRet/rib .

Medicare

The Centers for Medicare & Medicaid Services (CMS) administers Medicare, the nation's largest health insurance program for people age 65 and over (and some younger persons with certain disabilities). The program helps with the cost of health care.

- Medicare has four parts:

Part A: Hospital insurance for inpatient care in a hospital or skilled nursing facility (following a hospital stay), some home health care and hospice.

Part B: Medical insurance for doctors’ and other medical services and supplies not covered by hospital insurance.

Part C: Medicare Advantage plans. Those with Medicare Parts A and B can choose to receive all of their health care services through one of these provider organizations.

Part D: Prescription drug coverage.

- Determine if your parent is eligible with the Medicare Eligibility Tool.

- The Medicare Web site is http://www.medicare.gov with information about:

1.     Area hospitals

2.    Long-term care

3.     Nursing homes

4.     Medical equipment

Medicaid

Medicaid is a state-run program that provides hospital and medical coverage for people with low income and little or no resources. Each state has its own rules about eligibility and coverage. Some people qualify for both Medicare and Medicaid.

- Find your state agency through the State-by-State Information link.

- If your parent receives Social Security Income (SSI) they are probably eligible for Medicaid.

- The U.S Department of Health & Human Services has a comprehensive PDF Medicaid at a Glance that provides a good overview of the program.

National Resources

- Under certain conditions, the United States Department of Veterans Affairs offers veterans, their spouses, and children financial benefits. For instance, a veteran might be eligible for a pension if he was partially injured in the line of duty and the injury was not active until lately. Go to Veteran’s Benefits at http://www.vba.va.gov/VBA/ to see all benefits.

- At least 42 states have established or authorized a State Pharmaceutical Assistance Program to provide pharmaceutical assistance to their residents who cannot afford their medications and are not on Medicaid. To find out what is available in your state visit the National Conference of State Legislatures Web site; see if your state offers any discounts or subsidies.

- If your parent has a disease such as Alzheimer’s, there is advice on how to pay for long-term care on the Alzheimer’s Association Web site at http://www.alz.org/index.asp. Find a local support group with the Alzheimer’s Association interactive map.

Local Services

There are many local and state services that offer financial help for the elderly. It varies state-by-state and may include:

- Local Councils on Aging

- State Elder Affairs divisions

- Elder Services

- Local utility companies that offer reduced rates, assistance with heating bills and convenient payment schedules for the elderly

- Reduced real estate tax rates for seniors or elimination of real estate tax altogether

AARP

Since 1958 AARP has been the organization known for helping and advocating for people age 50 years and over. It is a nonprofit, nonpartisan membership organization. Their Web site, http://www.aarp.org, offers a wealth of information about money, insurance and finances.

The AARP Foundation can also lend a helping hand when needed with:

- Year round tax assistance at Tax-Aide.

- Tax-Aide Sites: from February 1st through April 15^th , IRS trained volunteers offer free one-on-one counseling, assistance on the telephone, and via the Internet on how to prepare basic tax forms and standard schedules. Find a site near you at Tax-Aide Sites.

- Discussion about money topics: protecting investments, cutting back on expenses, making decisions about retirement, job searching tips, avoiding bankruptcy and reducing debt. AARP’s Personal Finance page is a good resource.

The SNAP Program

The Food Stamp Program is now called the Supplemental Nutrition Assistance Program (SNAP) and offers benefits to the elderly (age 60 and older). If your parent is on Supplemental Security Income (SSI), she is already income eligible for SNAP. If she is not on SSI, she might still be eligible. Check guidelines/eligibility at SNAP’s Pre-Screening Tool.

A Reverse Mortgage

A Reverse Mortgage is a special loan program for people age 62 and older. The Federal Housing Agency (FHA), which is affiliated with the U.S. Department of Housing and Urban Development (HUD), created one of the first reverse mortgages. If a senior lives in their home, and owns it outright or has a low loan balance, then the FHA Reverse Mortgage is a tool to convert a portion of the home’s equity into cash. To learn more, visit the FHA Web site’s Top Ten Things to Know if You're Interested in a Reverse Mortgage.

Additional Resources

- Federal Employment Retirement System            http://www.opm.gov/retire/pubs/pamphlets/fers.asp

- Federal Housing Agency (FHA)                          http://www.hud.gov/fha

      - Housing and Urban Development (HUD)             http://www.hud.gov

      - Access America for Seniors                               http://www.seniors.gov

      - Administration on Aging                                    http://www.aoa.gov/

      - Healthy Aging for Older Adults                           http://www.cdc.gov/aging/