How to access financial support for older adults

There are many programs that can help older adults live comfortably in retirement, from Social Security benefits to assistance with home heating costs. The tricky part though can be finding out about what resources are available to the older adults in your life and how to access them. Each program often has different eligibility factors and can come with long applications, but with the right guidance and support, financial assistance can be unlocked. 

In this guide, we explain some of the most common federal and state benefits that older adults can be eligible for as well as outline some of the most common directory-based and non-profit programs that might exist in your community. 

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Understanding federal and state benefits available to older adults

There are several federal and state benefits programs available to older adults. Some of the most common programs include:

• Social Security: This benefit is earned through payment of Social Security taxes during your working career. You can access Social Security benefits as early as 62, but you cannot receive your full retirement amount until age 67.

• Supplemental Security Income (SSI): SSI is a needs-based program for low-income individuals who are elderly, blind, or disabled. It differs from Social Security Disability Insurance (SSDI), which is an earned program based on your work history and how much you've paid into the system. Both benefits may be worth exploring for older adults with disabilities.

• Medicare: The federal health insurance program for adults age 65 and over provides health insurance coverage for hospital care, medical service, and prescriptions. Medicare Savings Programs may help older adults save a significant amount on their healthcare needs.

• Medicaid: This needs-based health insurance program may provide additional medical and long-term care cost assistance. Each state has its own eligibility requirements, but typically you will need to meet low income and asset thresholds to qualify.

Finding local and nonprofit support groups

Many organizations are dedicated to providing support to older adults. Community, nonprofit, and directory-based resources can help fill the gaps left by federal and state social programs. You can use resources like BenefitsCheckUp.org and the AARP Foundation's local assistance directory to find programs near your ZIP code. 

These resources can help provide financial support for older adults:

• Housing and utilities: The United States Department of Housing and Urban Development (HUD) offers rental programs in certain areas for low-income seniors, as well as Section 8 vouchers for affordable housing. You can help your aging parents save even more with programs like the Home Energy Assistance Program (HEAP), which helps low-income seniors pay for heating costs.

• Food assistance: The Supplemental Nutrition Assistance Program is a state-managed program that helps low-income families pay for groceries, while the Commodity Supplemental Food Program is a federal program that provides monthly food boxes to low-income seniors aged 60 and older. Nonprofit organizations like Meals on Wheels America and Feeding America food banks are also great resources.

• Local agencies and nonprofits: Local agencies like Area Agencies on Aging (AAA) can help connect you with local services. Volunteers of America offers meals, transport, and Medicare support and AmeriCorps Seniors provides volunteer companionship and assistance. Use BenefitsCheckUp.org and the AARP's directory to find more groups in your area supporting older adults.

Protecting benefits from fraud and financial abuse

Unfortunately, older adults are common targets for fraud and financial abuse. In 2023, more than 10,000 people aged 60 or older fell victim to scams, which resulted in $3.4 billion in losses. Elder fraud prevention has to be top of mind for any caregiver responsible for providing financial support to older adults. Some of the most common scams targeting seniors include:

• Phishing calls: Scammers pose as a representative from a bank, utility, or other service the victim uses and pretend that there is a problem with their account. They attempt to trick the victim into giving up information like passwords or their Social Security Number (SSN).

• Fake charities: Scammers pretend to be soliciting from a charity for a good cause, tricking the victim into donating.

• False benefit offers: Scammers pose as representatives from Medicare, Medicaid, or other social benefit programs and attempt to trick the victim into giving up their benefits or sending them to a new account that the scammer controls.

It can be helpful to alert senior loved ones to some common signs of scams, like the inability to answer basic questions about their account, and make sure they know to never provide personal information to anybody over the phone unless they made the call to a verified customer service line themselves. 

If your senior loved ones were targeted by scammers, you can file suspicious activity reports to the Elder Fraud Prevention and Response Network and the Consumer Financial Protection Bureau (CFPB).

In some cases, it can help to use digital tools to help monitor accounts and prevent fraud before it occurs. Greenlight Family Shieldis a practical, proactive solution that monitors accounts,* provides alerts, and helps safeguard the money and benefits of older adults against fraud or misuse.** 

Your next step: Support and protect your loved ones' benefits

Exploring the public benefits available is a great first step to providing financial support for older adults. But once you have them, it's crucial to protect them. Greenlight Family Shield is a trusted solution to keep your whole family's finances safe and make supporting your aging parents easier than ever.

Make the daunting feel doable. Caring for multiple generations? Protect senior loved ones^ and their finances with Greenlight's all-in-one money and safety app for families. Try Greenlight Family Shield, one month, risk-free.†

*Premium monitoring services are offered by Experian.

**Insurance offered by Acrisure, LLC is provided by ACE American Insurance Company and its U.S.-based Chubb underwriting company affiliates. www.chubb.com. Additional details can be viewed here. See link for policy information. Insurance Products are not insured by the FDIC or any federal government agency and are not a deposit or other obligation of, or guaranteed by, any bank or bank affiliate.

^Loved ones refers to covered family members as defined in the policy i.e. supported adults for which you control or assist with their finances.