Aging can be expensive, and many seniors face costly healthcare issues and mounting living expenses that make budgets extremely tight. With little wiggle room in a senior’s budget, adequately meeting the financial demands of keeping their standard of living can be overwhelming. People who choose to age in place may need to make home modifications that don’t fit into their budget. Those who need to find alternative housing arrangements often face other financial burdens associated with the moving process.
Even after a long life of working hard, many seniors find it challenging to keep up with the costs associated with aging and could greatly benefit from some extra financial help. Grants are one source that people are turning to offset the costs of aging. While most grants are intended for funding organizations and programs rather than individual people, a few can be used to meet the particular needs of an aging person.
Let’s look at three types of grants that may be used to offset the costs of seniors.
Grants For Businesses
Some seniors continue working at their own business well past the traditional retirement age. Business grants are available for these seniors who are not ready to close their business yet could use some extra funds to help keep it afloat. The AARP offers a grant for people over the age of 50 who use their life experience to work on projects that will bring about positive change.
The Federal Government also offers several grants to help people who want to start or run a small business, including some grants that emphasize women, minorities, and veterans.
Grants For Healthcare
While Medicare covers a range of healthcare costs for seniors, many aging people struggle with expenses for medical services and products that exceed their Medicare plan’s coverage. Some grants that help you cover medical bills may be able to bridge that financial gap. Some organizations assist with the medical costs of certain diseases. If you or your loved one has any of these illnesses, a grant could be an excellent resource to decrease your overall costs.
Grants For Home Improvements
For seniors aging in place, you may qualify for a grant to help you cover home improvement costs. Many states offer grants to low-income seniors who need assistance affording repairs and weatherization updates that will bring your heating and cooling costs down.
Grants also exist forprojects that make staying in your home safer for longer. These programs are sometimes referred to as “nursing home diversion” programs that help people who otherwise need to move into a nursing home facility remain at home instead. Veterans can also apply for grants specifically designed to complete home modifications for aging in place. For people who live in rural areas and are over 62 years of age, the USDA’s single-family housing repair grant may help remove any safety hazards from your home.