5 Ways for Seniors to Save Money!
What are the best ways for seniors to save money in 2013? We have a list that will show you 5 ways your money may be getting thrown down the tube. Right now our economy has a Congress that is gridlocked and disagreeing with everything the other party proposes, CDs and Annuities are at pretty low rates, and the cost of our necessities continue to go up. Medicare Insurance Finders thinks there is no better time than the present to start saving.
Ways for Seniors to Save Money
- MEDICARE SUPPLEMENT INSURANCE. Seniors over the age of 65 and on Medicare as their primary insurance, should compare their Medicare Supplement Insurance every two - three years. These plans have standardized benefits which mean that each company provides the same basic benefits, the main difference is cost. Some couples will save up to $2,500 with taking only a few minutes to compare Medicare Supplement Rates online.
- IMPLEMENT SENIOR PROGRAMS. So many companies implement discounts for seniors but most seniors do not use them. Most movie theaters have senior discounts, a lot of restaurants have days which offer 20% discounts for seniors, department stores have a senior day once a month where everything is 30% off, and many other companies participate in these programs as well. Never pay full price for a hotel or car rental if you are over the age of 50!
- COMPARE MEDICARE PART D PLANS. Prescription Drug Plans can offer the biggest savings for seniors in this list. Prescription drug plans are usually pretty inexpensive with the national average ranging in the $30 -$40 range. The real savings comes down to choosing the correct plan that will save you hundreds if not thousands each year on the medication you use. We saw a lady a few years back who was taking close to 10 medications (we know this is more than average). The lowest annual out of pocket drug plan was $2,300 (roughly) but the highest out of pocket plan was over $10,000 for the year. The premium on the $10,000 plan was only $44, this should show you the importance of having a qualified advisor to review these plans with you. (Medicare Insurance Finders)
- TECHNOLOGY. Some ways for seniors to save money is through brushing up on technology. Do some research on what you are paying for cable and the options you have. Review your cell phone service. Recently I saved $50 a month without changing my coverage simply by calling and getting discounts applied. Use email instead of mail if possible - the new "evites" are invitations that can be sent through email that allow the receiver of the invitation to accept or reject. Receiving electronic statements from your bank could possibly earn you a small interest rate on your checking account balance.
- PROPERTY TAXES. In most counties you have the ability to lower your property taxes once you reach the age of 65. This is a benefit that can lower your taxes anywhere from $500 - $2000 a year on average according to different poles. Usually this has to be applied for at the local Tax Collector or Tax Assessor's office so make sure to apply for this benefit.
Medicare Insurance Finders hope you find the Top Ways for Seniors to Save Money an interesting article. We offer advice on insurance services for seniors in all 50 states. Please contact our office at 1-877-759-5760 for any questions you may have.