15 Discounts and Benefits Seniors Are Entitled To But Often Forget to Claim

 

priEveryone knows lbout everday senior discounts at restaurants and retailers, but many overlook some of the greatest benefits and special programs available to seniors. Unfortunately many Americans are missing out entirely, simply because they don’t know these programs exist.

That’s why we put together this list of the top discounts and benefits for seniors that we could find for 2020.

Note That: Many of these programs and discounts are only available online, and could expire as early as this May. For that reason, we strongly encourage our readers to claim the items in the list below right away!

1. Collecting Social Security? Consider a “Do-Over” and Get a Benefits Boost

An obscure tax law allows those who collect social security to halt current benefits, pay back everything collected (interest-free), and restart benefits at a new, higher rate based on your current age. It’s called “do-over” and it can dramatically increase social security.

Here’s how it works… Let’s say someone qualifies for full benefits of $1,600 a month at their normal retirement age of 66, but they decide to begin collecting benefits at 62. As a result, their retirement benefits will be reduced by 25% for the rest of their life (to $1,200 a month in this example) because they’ll be collecting a smaller benefit for a longer period of time.

On the other hand, if that person delayed collecting benefits, they will receive an 8% credit for every year beyond their normal retirement age until they reach 70, when their maximum benefit will be 132% of what they would have received at age 66. In this example, this person would receive about $2,100 a month at 70 — a $900 difference!

Most don’t realize this option is available to them, but that doesn’t mean it’s for everyone. Be sure to crunch the numbers and speak with a qualified advisor before doing anything drastic.

2. Never Pay For Costly Home Repairs Out-of-Pocket Again

Unexpected home repairs can be catastrophic to the finances of most seniors who are on a fixed monthly budget. Your home insurance will not cover your refrigerator, stove or washing machine breaking down unexpectedly. Same goes for your heater in the winter or AC unit in the summer, if it breaks, you have to pay the heavy repair bill.

The good news is that there is now a new Home Warranty Program available for seniors that can help protect you from unexpected home repair bills & save you thousands on repairs. Appliances, AC’s, heaters, roofing repairs, etc. – they are all covered under the program. If they cannot fix it, they will replace it, its simple + saving seniors thousands.

Click Here To Learn More

3. Homeowners Get $3,252/year Taken Off Their Mortgage With The New Federal “Relief Program” This May

If you’re a homeowner, this one thing could save yourself thousands of dollars this year…

The Fed recently issued new mortgage guidelines, which allows the average homeowner to get $3,252/year (or $271/month) taken off their mortgage as early as this May

There’s no telling how soon the Relief Program will expire, so it’s suggested that homeowners complete the mortgage relief survey to check their eligibility right away.

While the banks happily wait for the program to end, a final push is urging homeowners to take advantage. The Relief Program is currently active but could be shut down at any given time. The good news is that once you’re in, you’re in.

So if reducing your payments by $271/month, paying off your mortgage faster, or even taking some cash out would help you, it’s important to check your eligibility here. Checking your eligibility is quick and completely free!

See If You Qualify For a Mortgage Reduction

4. A Discount On Your Cell Phone Bill? You Read That Right!

Did you know that many of the large phone companies offers special discounts to senior citizens? These discounts add up quick! Keep in mind that deals may vary and can change without notice.

  • AT&T – plan for over 65s that costs $29.99 per month. You’ll get 200 anytime minutes, and 500 for evenings and weekends.
  • GreatCall – a senior plan for $14.99. However they do have various additional fees, so expect to pay a little bit more. The plan offers health and safety tools, which include 24/7 access to urgent care, medication and refill reminders, daily automated calls to check in with you and much more. This plan works best with a Jitterbug phone, which is especially easy and comfortable to use.
  • T-Mobile – plan for $70 a month for seniors 55+, which gives you 2 lines with unlimited talk, text and LTE data.
  • Verizon Nationwide – 65 Plus Plan where you can get a plan for $29.99 that includes 200 minutes and unlimited text messaging, it also comes with 2GB of internet so you can browse your favorite websites from your phone. Keep in mind, however, that this plan is not available for new Verizon customers.
  • Consumer Cellular – a plan that includes unlimited talk for $30.

5. Seniors With $25,000 or More in Credit Card Debt Use This Brilliant Debt Relief Plan

With the skyrocketing cost of living in the United States, more and more adults in retirement are struggling with financial debt than ever before. And with interest rates snowballing the amount owed, paying your credit card balance can seem like a trap that can never be escaped. Here’s what credit card companies don’t want you to know…

If you owe more than $25,000 in credit card debt, this proven debt relief program can reduce the amount of money you owe. You can resolve your debt with no requirement of loans and thus become debt free in just 24 – 48months. If you’ve been struggling to pay your credit card debt, then click here to find out how you can become debt-free!

So if you carry $25,000 or more in credit card debt, click here to see if you qualify for reduced payments!

Click Here To Learn More

6. Grocery Discounts

Here are some stores that give a regular senior discount – you just need to ask.

  • Farm Fresh – 5% discount Tuesdays and Thursdays (55+)
  • Hy-Vee – depending on location will usually offer 5% discount on Tuesdays and Wednesdays (some stores set age to 65+)
  • Fred Meyer – 10% senior discount on the first Tuesday of every month
  • New Seasons Market – 10% discount every Wednesday
  • Compare Food Supermarket – 10% discount in participating locations, get in touch with your local store to find out more
  • Piggly Wiggly – varying discounts at participating locations
  • Fry’s Food – 10% discount on the first Wednesday of every month to all seniors with VIP card.

7. Special Program Gives Seniors $250,000 in Life Insurance for Just $15/month!

If you have any family, life insurance is a must. Most people don’t have savings large enough for their family to pay off their mortgage, cover living expenses, and pay for final expenses — never mind ensuring your loved ones don’t inherit your debts.

Life insurance companies know all of this and the bigger the policy, the more they profit. They’ve been getting away with charging high rates for years – but that’s all

coming to an end.

Thanks to a new special program, there is now a way to get a rock solid, yet very inexpensive life insurance policy from top providers. Thanks to this amazing website it’s easy to see and compare plans, regardless of age or medical history. The best part is it’s totally free!

Even if you already have a policy, it can find comparable plans at a much much lower price. You could easily end up saving 70% on life insurance!

No medical check and instant approval policies are also available for every adult even if you have been denied in the past.

Click Here To Learn More

8. Stop Paying The Electric Company — New Federal Program Pays Homeowners To Go Solar And Cut The Electric Bill

Here’s something the power company doesn’t want you to know. A little-known government program allows qualifies homeowners who live in these specific zip codes to receive $1,000’s in Government funding to install solar panels.

The program is called the Federal Residential Renewable Energy Tax Credit, which provides subsidies and rebates that can cover most of the costs associated with installing solar panels.

Has your power company told you that? Most likely not. Once homeowners go solar, their energy bill is drastically reduced — often to $0 or close to it. You can bet the energy companies are not too thrilled about that.

Homeowners can check if their zip code qualifies here and be on their way to eliminating electric bills.

Check If My Area Qualifies

9. Claim Your Social Security Benefits Early

Some people advocate drawing Social Security benefits at the first opportunity.

Doug Carey, founder and president of the financial planning software firm WealthTrace, says Social Security doesn’t see itself as an oddsmaker, but it does require you to bet on your longevity.

For example, the break-even point for someone who earned the inflation-adjusted equivalent of $70,000 per year for 35 years is about age 80. If this person waits until 70 to claim Social Security and lives until at least age 90, he’ll accumulate almost $162,000 more in benefits than he would if he had claimed at 62. But there’s a possibility of losing the bet and getting nothing.

Retired law professor and Social Security expert Merton Bernstein says the odds of winning the longevity bet are bad — so claim early. “You never know when the bell will ring. I subscribe to the Woody Allen principal: ‘Take the money and run.’”

10. Use This Free Site To Cut Your Homeowners Insurance in Half Or More

Let’s face it… everyone needs homeowners insurance, and the insurance companies know that. But how often do you actually use your insurance? Probably not enough to make up for the cost year after year. Home insurance should not be expensive.

Here’s something most people don’t know about home insurance and it’s one of the easiest ways homeowners can save…

Homeowners insurance is actually pretty inexpensive, but most people are paying far too much. In fact, most homeowners can get the same or even better coverage than they have now for a lower rate. That’s all thanks to this popular homeowners insurance comparison site.

In just seconds, you can search available rates from the top insurance providers that compete to give you the lowest rate… allowing you to get a big discount on great coverage. Many report they’re able to get a huge savings just by using this site to compare quotes for free.

Get My Free Quote

11. Get a Discount On Your Car Insurance (Save $536/year or more)

Did you know that depending on your age, driving record and many other factors you could get a huge discount on car insurance?

If you’re paying over $50/month for car insurance, there’s a good chance you’re paying more than you need to. It’s quite common for this to occur, as most seniors simply keep their same old policy in place… and those rates can creep up over time without really noticing.

Most seniors are not taking advantage of the multiple discounts available to them when it comes to car insurance. And the reason is that most seniors don’t even know about these discounts.  Click here to learn how you can save up to $536 on your car insurance.

Click Here To Learn More

12. Homeowners Are Using This New “Roof Replacement” Service To Get a New Roof

Homeowners should never have to pay full price for roof repairs again. In the past roofing work could cost a fortune. Worse yet, a bad roof can lead to tremendous damage, mold, animal infestation and other expensive situations that could be avoided with proper home maintenance.

No doubt replacing a home’s roof is an easy thing to put off “until next season,” especially since traditionally the cost could come with quite the price tag.

But thanks to this brilliant new website, it no longer has to cost homeowners an arm and a leg to get the roof replaced or repaired. In fact, homeowners that use the site will never have to pay full price for roof repairs again.

Now homeowners can get their roof replaced while saving thousands of dollars in the process by taking advantage of all special discounts, rebates and incentives available in their area.

Every homeowner should check to see how cheap it can be to get a new roof in their area.

Enter ZIP to Check Eligibility Here

Check If My Home Qualifies

13. Claim your Social Security Benefits

There are many ways to collect Social Security benefits, says Alicia Munnell, director of the Center for Retirement Research at Boston College.

You can collect your own benefit starting at age 62 or anytime up until you’re 70. Those who collect early get a smaller monthly payout because they usually collect benefits over a longer period of time than those who wait.

It’s generally advisable to wait at least until you’ve reached full retirement age to start collecting Social Security because the monthly benefit is so much higher. For example, if you were born in 1955, your full retirement age is 66 years and 2 months. That would be the age at which you can collect 100 percent of your benefit.

But if you start collecting at 62, you will get only 74.2 percent of the monthly benefit. If you delay your benefit until age 65, you will get 92.2 percent of the benefit. After full retirement age, your benefit increases 8 percent a year up to age 70. The benefit doesn’t get any bigger beyond 70, so it no longer pays to wait.

Likewise, if you receive Social Security benefits as a spouse, the longer you wait, the bigger the benefit, provided your wage-earner husband or wife waited until full retirement age to start collecting.

14. Over 50? Get up to 70% OFF at 1000’s of Stores When You Join Senior Advantage

You might be throwing your money away if you are over 50 years old and not a member of Senior Advantage which can get you up to 70% OFF from America’s top brands and stores.

Senior Advantage members get access to their website where they can find discounts & coupons (ranging from 10% to 70% OFF) at many popular stores like Amazon, Walmart, Kohl’s, Walgreens and many others.

When you join Senior Advantage you get immediate access to their website where you can find exclusive discounts, deals and coupons. They have plenty of discounts whether you love to shop online or prefer going to a store. Members also get access to the Best Discounts For 2020 digital book as well as many other books and perks like a free budgeting tool. On average Senior Advantage members save $1,500 each year.

We’ve tried this discounts club ourselves and we love it. One of our staff writers managed to save over $300 a month using the discounts and coupons she found on Senior Advantage website. You can literally save thousands of dollars each year paying for stuff you would have to pay for anyway.

While the membership is not free, Senior Advantage is currently offering a 75% discount to new members. We aren’t sure how long this limited-time offer will be last, so take advantage of it while you still can.

P.S. Not everyone may qualify to join Senior Advantage, but you can easily check if you qualify and see if the 75% discount is still valid.

Claim Your 75% Discount For Senior Advantage

15. Drugstore Discounts


Medicine becomes essential as your body ages. And that need for medicine can really hurt your wallet. Here are various drugstores that offer discounts to senior citizens. Keep in mind that discounts may vary by location.

  • CVS Pharmacy: Those enrolled in the CVS ExtraCare Savings and Rewards program can save more with coupons in-store and online via the ExtraCare Coupon Center. As you shop and fill prescriptions, you also earn ExtraBucks Rewards.
  • Rite Aid: You can get 20% off brand-name and generic prescription drugs with the Rite Aid Rx Savings Program. Sign up today and get an Rx Savings Card that will give you access to thousands of exclusive discounts at Rite Aid pharmacies!
  • Costco Member Prescription Program: You and your family members can save up to 80% (at time of sale) with the Costco Member Prescription Program. If you have no prescription drug insurance, or if you do and it does not cover all your prescription medications – this the program that will help you save loads.
  • Narcup: If you don’t have prescription drug insurance (or if it doesn’t cover all your medications), get the Narcup prescription discount card for free and save up to 50% on FDA approved drugs. Good to know – they also cover certain pet medications!
  • Kmart: To get covered for most generic drugs (starting at $5 for a 30-day supply or at $10 for a 90-day supply), 10% of pet prescription and 25% off vaccinations join the Prescription Savings Club at Kmart (Pharmacy Savings Plus). It will cost you only $15 per household or $10 per person (annually).
  • Walgreens Prescription Savings Club: Get exclusive discounts and special offers with your Prescription Savings Club Card. Membership fee –  $20/person or $35/household annually. The best part – if you don’t save at least the cost if your membership fee, Walgreens will pay you the difference!
  • Walmart Pharmacy Services: The company offers low-cost generic prescription medications, $4 refills for generics, branded drugs, and even pet medications. Check Walmart drug list to see how much you can save on your medications.

16. Home Improvement Programs For Seniors

The U.S Department of Energy’s Weatherization Assistance Program modifies the appliances in your home to make them more energy efficient. The average household saves $283 a year on energy. Preference for eligibility is given to people over the age of 60, and families with one or more members with a disability. Utilities and general maintenance are things you’ll have to deal with even if you’ve paid off your mortgage.

The section 504 Home Repair Program provides a grant of up to $7,500 to senior homeowners to repair damages that are deemed hazardous to safety and health.

If you’re having trouble with rent, look into the Housing Choice Vouchers Program. Formerly known as Section 8, this program provides subsidies to low-income families and the elderly to help pay for rent.

17. Enjoy These Discounts When Eating Out

You don’t need Social Security when you can get a senior discount at so many restaurants! From fast food to steak restaurants, our compiled restaurant list will definitely help you make your choice and dine with a discount.

Keep in mind that deals may vary at participating locations and can change without notice.

  • McDonald’s: discounts on coffee and beverages (55+)
  • Whataburger: free drink with purchase of a meal, depending on location (55+)
  • Wendy’s: give free coffee or other discounts depending on locationPiccadilly Cafeteria – 10% discount with “Prime Time for Seniors” card
  • IHOP – 10% discount (55+) and a menu for people aged 55 and over at participating locations
  • Golden Corral: Senior discount varies by locatio
  • Krispy Kreme Senior Discount: 10% off (50+) (age and discount varies depending on location)
  • Perkins Restaurants: Fifty-Five Plus menu Offers special deals (55+)
  • Subway: 10% off (60+) varies by location
  • The Old Spaghetti Factory: Spaghetti Factory “Senior Menu” offers discounted list of menu items
  • Uno Pizzaria & Grill: “Double Nickel Club” 25% off on Wednesday (55+)
  • Sizzler: Offers “Honored Guest Menu” (60+) varies by location
  • Papa John’s Senior Discount: check with your local stores (no standard senior discount policy)
  • Old Country Buffet: Daily discounts for seniors (55+)
  • Friendly’s Restaurants: 10% off meal w/ free coffee at breakfast or free small sunday during non-breakfast hours
  • Fazoli’s: Join “Club 62” for special senior menu items (62+)
  • KFC: free small drink with any meal depending on location (55+)
  • Country Kitchen: Great Senior Menu (55+)
  • Burger King: 10% discount on purchase depending on location (60+)

18. Save on Medical Bills

You don’t need to be a sage to know that seniors spend more on healthcare than any other age group. But just how much they spend often comes as a surprise.

Approximately 40% of retirees report that their health care expenses in retirement are higher than they expected, according to the Retirement Confidence Survey done by the Employee Benefit Research Institute. Retirees over the age of 75 spend 15% of their budget on healthcare. Here are a few programs designed to aid seniors with the cost of healthcare:

Medicare is the primary healthcare subsidy for seniors and it comes in three parts.

Part A, which covers hospital stays, is free if you have paid Social Security for at least 10 years.

Part B covers outpatient services, like doctor visits and rehabilitation. The premium for part B is $135 a month, with a deductible of $185 a year. After meeting the deductible you’ll usually pay 20% of the Medicare approved amount for most outpatient services.

Part D covers the costs of your prescriptions. The monthly premium for Medicare Part D in 2019 is $33.19.

 

 

By taking advantage of the special programs in this list, taxpayers can easily save thousands of dollars a year — and for many years to come.

Don’t Forget: many of these items may expire this May, so do not wait to claim them and start saving right away…

1. Get Rid Of Your Debt

2. Stop Paying For Home Repairs Out-of-pocket Again

3. Take $3,252/year Off Your Mortgage

4. Save $536 On Your Car Insurance

5. Get Cheap Life Insurance

Read next:

10 Ways to Increase Your Social Security Payments

Boost your payout.

The amount of your Social Security payments depends on your earnings history and the age you sign up for benefits. Try these strategies to maximize your payments:

Work for at least 35 years.

Social Security benefits are calculated based on the 35 years in which you earn the most. If you don’t work for at least 35 years, zeros are factored into the calculation, which decreases your payout.

Earn more.

Increasing your income by asking for a raise or earning income from a side job will increase the amount you receive from Social Security in retirement. Earnings of up to $132,900 in 2019 are used to calculate your retirement payments.

Work until your full retirement age.

You need to claim Social Security at your full retirement age, which is 66 or 67 for most current workers, to get your full payments. Monthly payments are permanently reduced for people who sign up for Social Security before their full retirement age.

Delay claiming until age 70.

After your full retirement age, payments will increase by about 8 percent for each year you delay claiming Social Security up until age 70. After age 70, there is no additional benefit for waiting to sign up for Social Security.

Claim spousal payments.

Spouses may claim benefits based on their own work record or up to 50 percent of the higher earner’s benefit, whichever is higher. If you were married for at least 10 years, you can also claim Social Security benefits based on an ex-spouse’s work record.

Include family.

If you have dependent children under age 19, you may be able to secure additional Social Security payments for them worth up to one half of your full retirement benefit to certain annual limits.

Don’t earn too much in retirement.

Social Security beneficiaries under their full retirement age who earn more than $17,640 in 2019 will have $1 withheld for every $2 they earn above the limit. The year you turn your full retirement age, the earnings limit jumps to $46,920 and the penalty decreases to $1 withheld for every $3 earned above the limit.

Minimize Social Security taxes.

If the sum of your adjusted gross income, nontaxable interest and half of your Social Security benefit is more than $25,000 for individuals and $32,000 for couples, up to 50 percent of your Social Security benefit could be taxable. If these income sources top $34,000 ($44,000 for couples), income tax could be due on as much as 85 percent of your Social Security benefit.

Maximize survivor’s benefits.

When one member of a married couples dies, the surviving spouse can inherit the deceased spouse’s benefit payment if it’s more than his or her current benefit. Retirees can boost the amount the surviving spouse will receive by delaying claiming Social Security.

Make sure your work counts.

Create a My Social Security account and download your Social Security statement annually to check that your earnings history and Social Security taxes paid have been recorded correctly by the Social Security Administration. Make sure you are getting credit for the taxes you’re paying into the system.