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Exploring Financial Benefits for Seniors

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When you have a senior or an elderly family member, you want to make sure they are getting the best care and financial support they possibly can, especially if their pension doesn’t cover everything. If you care for them, you might be spending more time helping them than concentrating on your job, which can have serious issues for you if your work started to suffer.

To alleviate some of the strain, here are some of the financial benefits you can claim to help the seniors in your family and yourself if you are a carer for them.

#1 Winter fuel allowance

This first one is very self-explanatory. It is an allowance that helps cover the costs of the heating bills in the year’s colder months. This allowance only applies if the senior falls into a certain bracket regarding their overall income, though. Winter fuel allowance can be a huge stress reliever, as you nor your older family member would want to get cold or have to ration food to get through the winter months.

#2 Council tax reduction 

This is the reduction in the council tax, which your older family member pays for living in a particular area. This reduction applies to both seniors and those with a disability and helps reduce monthly outgoings, meaning you can spend that money on something else. Alternatively, the money saved here can be added to a savings account.

#3 Carers allowance 

This is an important one as a carer’s allowance can benefit you greatly. If you care for anybody over the state pension age for 35 or more hours a week, you can have a sum paid to you. This can help curb the stress of looking after the financial side of caring for an elderly relative, especially if you can’t keep up with a full-time job. This allowance is also dependent on your income, so it is good to research this thoroughly at places like the Friends of the Elderly (FOTE) website to check whether you are eligible before applying.

#4 Attendance allowance

Much like the carers allowance, the attendance allowance is paid weekly to anyone over the state pension age who needs a certain amount of care or needs to be regularly monitored. You can find out the state pension age at The Pensions Advisory Service. This allowance can help cover external costs, such as care expenses and how much help is required to maintain the wellbeing of the elderly person in question. This can be a massive help when it comes to keeping them safe while you are out working and cannot care for them, for example.

There are many different financial benefits for seniors, many of which are provided by the government. These benefits and allowances can help with transport, travel, medical expenses, and home-care services. It is good to conduct some thorough research to find out what you are eligible for and how you could get help when caring for an elderly relative. These benefits can help ease the financial stress of growing older and any additional financial strain that it might put on you and your family.




Photo by Kampus Production from Pexels

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