Benefits & Discounts for Seniors

There’s a long list of discounts to save you money in retirement.

State and federal agencies have programs that may help you meet your expenses that Social Security and Medicare may not.

Businesses and organizations also provide discounts that make shopping, dining and travel more affordable.

Medicare does not cover all your health care benefits. You still have to pay monthly premiums for medical and drug coverage. There are also copayment or coinsurance costs and deductibles. You may qualify for other benefits that help cover those costs.

There are four different types of Medicare Savings Programs that can help people meet costs not covered by the federal health care program.

All four are administered by your state’s Medicaid program.

Extra Help is a program run jointly by Medicare and Social Security. It’s for people with lower incomes and limited resources and can help with low cost prescriptions.

Medicaid provides health care services for 7 million American seniors, according to the Center on Budget and Policy Priorities. More than 1 in 5 people on Medicare also receive Medicaid benefits.

One of the most important Medicaid programs for seniors is long-term care since Medicare does not cover nursing home care. But Medicaid also helps fill gaps in out-of-pocket costs from Medicare and helps seniors on low incomes.

In 2014, more than half of all long-term care Medicaid paid for was spent on home and community-based services.

The services are designed to let seniors and others avoid isolation while fostering independence, health and quality of life, according to the U.S. Centers on Medicare & Medicaid Services.

Medicaid also offers a Program of All-Inclusive Care for the Elderly. This program provides comprehensive and coordinated care to certain frail, elderly people. PACE is tailored to people who wish to remain in their community instead of a nursing home.

Prescription drug assistance is another benefit Medicaid provides to seniors.

These may be paid through State Pharmaceutical Assistance Programs. Many states and the U.S. Virgin Islands will provide financial assistance to help seniors pay for their prescription drug costs as well as premiums for their drug coverage.

Drug stores, eyeglass retailers and other health services frequently offer senior discounts that can save you money whether you are on Medicare or still using your employer’s insurance.

The age to qualify for these discounts varies, but it’s wise to ask.

Seniors have a variety of tax relief options available from local, state and federal governments.

For federal income taxes, once you turn 65 you get to claim a larger standard deduction and you can earn more before having to pay federal taxes.

States, cities and counties also provide tax breaks and relief to seniors that vary from place to place. Your tax preparer can help you find tax savings for your locality.

There are multiple local, state and federal programs that can provide additional assistance to seniors trying to make ends meet. These are generally targeted to people with low incomes and limited financial resources.

People with more assets and resources may be able to build other sources of retirement income. There are multiple resources you should consider.

Many retirees spend their extra free time traveling. Knowing what travel discounts are available can extend your travels while putting less stress on your bank account.

Some discounts require AARP membership, but others may just require proof of age.

If you enjoy dining out, there are plenty of options from fast food to casual dining to even more pricey restaurants that offer discounts to seniors. Having an AARP membership will add even more restaurants to your chances of a discount.

Be sure to ask about senior discounts at these and other restaurants before ordering.

You can also take advantage of senior discounts when shopping for clothes or groceries.

Even thrift stores offer senior discounts. Goodwill offers a 10 percent discount to those 60 and older on a select day of the week. Ask your local store which day they designate.

Salvation Army thrift stores offer up to a 50 percent discount on some items if you’re 55 or older.

It appears that grocery stores are phasing out senior discounts in favor of overall savings, according to some groups that follow these trends.

Not every store in the chain may participate in senior discounts. But you should ask your local store if they do and can still find discounts at a lot of checkout counters.

There were more than 12.4 million veterans 65 and older according to the 2012 U.S. Census brief. Elderly veterans are eligible for a wide range of benefits from the U.S. Veterans Administration.

Most veterans are familiar with more well-known VA benefits such as disability compensation, pensions, home loans and health care.

But there are also benefits specifically tailored to elderly veterans.

Elderly veterans can receive both geriatric and extended care programs at home, at VA medical centers or in their individual communities.

Especially since 9/11, dozens of companies have offered discounts to active duty military, and many of those also offer discounts to veterans long after they served. You will need to show proof of your service.

You can find discounts on things such as restaurant meals, travel and auto parts. If you served, it’s smart to ask if a business offers a veteran’s discount before ordering or ringing up a purchase.

Several organizations and government agencies can provide more resources and information about senior benefits and discounts.