9.1 Million Older Americans Miss $58 Billion in Annual Benefits
Updated
Updated · Money Talks News · May 27
9.1 Million Older Americans Miss $58 Billion in Annual Benefits
1 articles · Updated · Money Talks News · May 27
$58 billion in federal and state aid goes unclaimed each year by 9.1 million Americans age 65 and older, according to a National Council on Aging report.
Low take-up is concentrated in core programs: only 38% of eligible seniors use SNAP, 40% collect Supplemental Security Income, and 49% enroll in Medicare Savings Programs.
Average missed support is meaningful—about $188 a month from SNAP, $552.29 from SSI, and roughly $165 from Medicare Savings Programs, adding up to more than $10,000 a year for some seniors.
Stigma, mistaken beliefs that Social Security blocks eligibility, and assumptions that the paperwork is not worth it are the main reasons seniors do not apply.
BenefitsCheckUp.org and the NCOA helpline are highlighted as entry points to screen eligibility for federal, state, and local aid, suggesting the gap is partly an access and awareness problem.
As new laws complicate access to aid, how can seniors overcome hurdles to claim over $10,000 in available benefits?
With senior debt soaring, could claiming billions in unused benefits be the key to their financial survival?