Many elders fear outliving their retirement nestegg, so we put together a few of our best dollar-saving tips to help. Select
lowest level of care possible
Many Assisted Living offer graduated levels of care. They may be able to meet your elder's needs with something less than 24-hour-a-day care. Among other services, they can provide · medication reminders, · transfers from bed to wheelchair, · bathing, and, · grooming and dressing help.
Monthly expenses will be significantly lower than those of nursing homes, perhaps as much as $1000 less each month.
Eldercare facilities that offer "aging in place" provide a double benefit. You reap cost savings associated with lower levels of care, and your elder can relax, protected from stresses of a future major move.
Look for care provided by nonprofit organizations.
Our research shows that, on average, nursing homes run by nonprofit organizations have about 1/3 fewer deficiencies than homes run by for-profit organizations. Homes run by large corporations, especially those that manage many facilities, have greatest average number of deficiencies. By finding a nonprofit facility that provides suitable care, you could save thousands of dollars over course of a year. And your elder may get better care.
A word of caution: I do not mean to imply that all nonprofit organizations provide good care or that all corporate homes offer poor care. It depends on particular organization. Once you have visited a specific facility several times you'll have a reasonably accurate evaluation of quality of care practiced there.
Slash Costs of Prescription Medications
Your saving can mount into thousands of dollars each year if you use only one or two of these tactics.
1. Ask your doctor for generic substitutes; 2. Order brand-name prescriptions from out-of-the-country pharmacies, notably those in Canada. 3. Use Pillbot (http://www.pillbot.com) to find least expensive prices in US pharmacies. 4. Apply for reduced-cost or free medications. Pharmaceutical companies often have programs that provide reduced-cost or free prescriptions available to elders who cannot afford them otherwise. Ask your doctor whether such programs are available for prescriptions your elder needs.
Ask Retailers for Discounts for Senior Citizens
Many businesses routinely offer discounts for senior citizens, but you may not know that such discounts exist unless you ask for them.
Do compare senior discounts with sale prices, especially for air travel. It is not unusual to find that sale prices are lower than discounted price.
Take advantage of end-of-season sales
Buy clothing, including sleepwear, casual wear, shoes, and coats, at significant savings at end of current retail season. If your elder needs adaptive clothing, look for websites that feature specials and close-outs.
Use public services
Libraries - It may be quicker and easier to drop by your local bookshop for latest best-seller, but it's cheaper to borrow it from your local library. It's also a big advantage to be able to return book to someone else's shelves once it has been read. Elder housing usually lacks plentiful storage space.
Public transportation - Elder Americans are no different from Americans in any other age group. They want their own transportation, available immediately, and they prize independence that an automobile represents. But, costs of ownership, insurance, licensing, and property taxes may not be justified for an elder who no longer drives routinely. If you can persuade your elder to forgo car ownership, you may save as much as two hundred dollars each month.
