Karen’s Korner
One of the major issues facing seniors today is the rising cost of living while living on a fixed income! This poses new financial restrictions for many senior adults. We may not be able to afford the same comforts of life that we used to.
Talking to a financial advisor can assist you to fund long term care expenses while maintaining your financial assets. You may wish to speak to your banker, or a trusted friend when seeking advice.
Tightening the belt, so to speak, gets harder every day with the increase in the cost of basic needs, such as food, housing issues, housing repairs, rising power and water bills, and health costs to name a few. And those do not even allow for the emergencies that arise unexpectedly.
According to Medicare Advantage.com, there are several tips to consider when trimming the cost of your expenses.
Find better health insurance – “Seniors may feel like they don’t have a lot of health insurance options at their disposal, but private Medicare plans provide just that. And every fall, Medicare beneficiaries have an opportunity to switch, add or drop plans during the annual Fall Medicare Open Enrollment Period.”
Explore housing assistance options – “There are a number of rental assistance programs, housing vouchers and other programs available at the state and local levels designed to help seniors with housing costs.”
Consider housing alternatives – “If housing assistance isn’t enough, consider a new housing situation. You might be able to rent out a spare room or downsize from your current residence.”
Take advantage of senior discounts -“ Senior discounts are common for events, transportation, restaurants, and various services and retailers. They are not always advertised, so it never hurts to ask.”
Re-route your transportation – “Many retirees can get away with no longer having a car. If you don’t drive much, the cost of the occasional public transportation, taxi or ride-sharing service may be less than the insurance, registration, maintenance and gas that you spend on your vehicle.”
I hope these tips have been helpful for you. Hoping for the best for us all.