By Gordon Chavez, Financial Reporter
Most of my articles focus on helping families make better financial decisions. This month let’s turn our attention to our senior loved ones, especially those living on fixed incomes.
After my mother retired, I helped her manage her budget. I learned how challenging it can be to balance everyday expenses when your income remains the same, but certain necessary expenses continue to change. Because of her health, supplementing her retirement income through part-time work or flexible opportunities like Uber or Instacart wasn’t a realistic option.
Healthcare deserves special attention. Medicare coverage, prescription medications, monthly premiums, deductibles, and copayments can all affect a senior’s financial well-being. Because coverage and costs can change yearly, reviewing these expenses is essential.
As Medicare agent Janetta Bouman from MedicareByJanetta.com explains, “Each carrier has a different amount, and that’s really a big budget concern for anyone on a fixed income.” An experienced Medicare professional can help seniors compare coverage, understand costs, and find a plan that fits their healthcare needs and budget.
Fortunately, there are steps seniors and their families can take to prepare:
- Review your healthcare coverage annually. Compare premiums, copayments, prescription costs, and provider networks before making decisions.
- Include healthcare in your monthly budget. Plan for predictable expenses and set aside what you can for unexpected costs.
- Explore assistance programs. Medicare Savings Programs and Extra Help may reduce healthcare and prescription expenses for eligible seniors.
- Ask for guidance. Free counseling and community resources can help you understand your options.
Our parents and grandparents have spent years contributing to our families and communities. Helping them plan for healthcare expenses is one meaningful way we can support their independence, dignity, and financial security.
Remember, financial literacy isn’t just about building wealth. It’s also about protecting what we’ve worked so hard to build.
Helpful local resources
- HICAP: Free Medicare counseling · 800-434-0222.
- 211 San Diego: Assistance finding healthcare, food, housing, and utility resources; dial 211 ·
- Aging & Independence Services: Support for San Diego County seniors: 800-339-4661.
