Knowing what senior discounts you may be eligible for can help you make the most of your money, especially during retirement. To help you out, we’ve listed all our favorite benefits available to seniors below. Read on!
Medicare covers a part of your healthcare costs, but not everything. You still have to pay monthly premiums, and there may also be deductibles and coinsurance costs involved. Fortunately, you can sign up for a Medicare Savings Program to take some of that burden off. There are four types of Medicare Savings Programs, so make sure to check what each has to offer.
Eyeglass retailers, drugstores, and other health services often offer discounts to seniors. The most common of these are:
– AARP: You can get up to 60% savings on FDA-approved drugs that are not covered by insurance.
– Rite Aid: You get a 20% discount on the first Wednesday of each month.
– Walgreens: Seniors can score a 20% discount on the first Tuesday of each month.
Seniors have a range of tax relief options. For federal income taxes, for instance, you can claim a larger standard deduction once you turn 65. As a result, you can score some earnings before paying federal taxes. Cities, states, and counties also provide tax relief and breaks to seniors. Your tax preparer can guide you through the best ways to save on tax. A few relief measures include:
– Homestead exemptions, credits, rebates, and refunds.
– Property tax abatements
– Property tax deferrals
– Home valuation freeze
There are numerous federal, state, and local financial assistance programs available to seniors who are trying to make ends meet. Some of these include the State Supplemental Income Program, Emergency Food Assistance Program, Low Income Home Energy Assistance Program, etc. While SSI benefits those with disabilities or above the age of 65, TEFAP is aimed at people with limited resources and income. LIHEAP, on the other hand, funds low-income households towards paying heating, cooling, or fuel bills.
With discounted flight, bus, and train fares available, seniors can spend their free time traveling as they wish. You may need to be an AARP member to score certain travel discounts. Some of the airlines that offer deals to seniors are United Airlines, Southwest Airlines, American Airlines, and Delta Airlines. Amtrak, Trailways Transportation, and Greyhound Bus Lines also slash their prices for retirees. Hotels to check out for discounted rates include Marriott, Choice Hotels, Days Inn, and Best Western.