The need for financial assistance programs has gone into overdrive because of the pandemic and ongoing inflation crisis. More people desperately need financial assistance now than ever, and the government and its various agencies have developed programs to help those in need. The need for financial aid from the government is critical, with inflation and rising interest rates with no end in sight.
If you are a senior, an upcoming retiree, or strapped for cash, you can use any financial assistance program to provide for your basic needs.
Top 10 Financial Assistance Programs
During times of crisis, any form of financial assistance can help. Seniors and upcoming retirees can take advantage of these programs to get by.
- Supplemental Security Income (SSI)
Supplemental security income (SSI) is an income program provided by the federal government through the Social Security system. This program assists seniors and disabled Americans with little to no income.
This program offers a monthly payment to qualified individuals or beneficiaries. The money is intended for basic expenses such as food, clothing, and shelter. It can also qualify you for Medicaid coverage. The requirements for the SSI program are that you must be 1) at least 65 years old, 2) blind or disabled, 3) have limited resources or income, and 4) a US citizen (or qualified alien).
The SSI program is available on a federal level and not under the state government. There is no prior work history required to qualify for this program. The major downside to this program is that it requires significant documentation, to prevent being disqualified based on your living arrangements.
- Low Income Home Energy Assistance Program (LIHEAP)
Energy costs could easily be one of the highest home living costs for seniors and retirees. The US Energy Information Administration states that an average American household spends $117 per month on home energy bills, and you can expect these costs to rise with inflation.
The Low Income Home Energy Assistance Program (LIHEAP) is a program provided by the federal government that can assist seniors and retirees. It is made possible through the US Department of Health and Human Services. It specifically helps low-income families and seniors with home heating and cooling expenses. Families or individuals who qualify for the Supplemental Security Income program can automatically be eligible.
Depending on your state, you could enjoy additional financial benefits. Check with your state government about other financial aid you might qualify for.
- Supplemental Nutrition Assistance Program (SNAP)
The Supplemental Nutrition Assistance Program (food stamps) is a financial assistance program that allows seniors and low-income families in the US to afford food. As of 2021, there were 42 million Americans who received the SNAP benefit. The average monthly SNAP benefit for every qualified household in the US is $250 for the year 2022.
For seniors and disabled individuals, you can enjoy SNAP deductible allowances. One example is that you can get a deductible allowance for every medical expense that is $35 more than your monthly income. This deductible benefit includes your insurance premium or nursing care.
- The Emergency Food Assistance Program (TEFAP)
The Emergency Food Assistance Program is another financial assistance program offered to seniors and low-income families. The focus of this program is to make nutritious foods more accessible to qualified individuals.
The USDA has partnered with local organizations to implement this program and make healthy food accessible to the public. The food options aresubject to the availability of resources within the local communities, although it typically includes fresh fruits, vegetables, milk, cheese, and various types of meats.
- Earned Income Tax Credit (EITC)
The Earned Income Tax Credit is one of the best tools to fight poverty in the US. This program qualifies you for a refund if your tax credit exceeds your tax liability.
The IRS recently expanded the eligibility of the EITC program so that seniors or anyone aged 65 and above can claim their tax credit. Depending on your status, you can claim anything from $543 to $1,502 in tax credit.
- The Medicare Extra Help Program
Seniors and retirees require financial support to pay for their healthcare and medical costs. This program allows qualified individuals and seniors to pay for their prescription drugs. This program capped the cost of generic and branded drugs under the Medicare plan.
This program also qualifies you for full Medicaid coverage and help from your state in paying your insurance premiums. The good thing about the Extra Help program is that others automatically qualify, but you can also apply if your income is within the specified limits. The limits are higher for married couples.
- Housing and Urban Development Programs
The US Department of Housing and Urban Development currently has two programs for offering financial assistance to seniors, especially those with a low-income status.
Seniors aged 62 and above, who have fully paid off their mortgage may qualify for the reverse mortgage program to supplement their income. This program enables you to withdraw a portion of the equity of your home, although the amount you can withdraw varies from 40 to 60 percent of the appraised value of the home. Another program through the HUD department is subsidized rent for those who qualify for assistance.
- Temporary Assistance for Needy Families (TANF)
The Temporary Assistance for Needy Families is a financial assistance program that is federally funded but state-run. This benefits program relieves families of temporary financial hardship by assisting with food, home energy, housing, child care, and other basic needs.
The state is responsible for screening applicants to assess if they meet the eligibility criteria. It is a great program to supplement your income and provide for your basic expenses.
- Social Security Disability Insurance (SSDI)
The Social Security Disability Insurance benefits program is provided for individuals unable to work due to a medical condition. It is available for almost anyone who qualifies for these criteria, primarily if you have worked in jobs covered by Social Security. You need to meet the eligibility criteria set by the program before you can receive the benefits.
- Affordable Connectivity Program (ACP)
The Affordable Connectivity Program is a financial assistance program that provides a monthly discount of up to $30 on broadband services for qualified individuals or households. It also offers a one-time discount of $100 upon purchasing a new laptop or mobile device, as long as it’s via participating providers.
This financial assistance program benefits upcoming retirees, retirees looking to re-enter the job market or anyone who needs to work in a virtual space. The program makes it possible to acquire the infrastructure required to supplement your income or maintain your source of income.
