Sunday’s Chicago Tribune profiled 5 senior citizens and how they are paying for their living and medical expenses on Social Security and Medicare or Medicaid.
How much money will you receive each month on Social Security?
The maximum Social Security benefits in 2008, for seniors who have reached the maximum taxable earnings is:
$1,682 per month if retiring at age 62
$2,030 per month if retiring at age 65
$2,794 per month if retiring at age 70
Let’s assume your home is paid for and that you have limited expenses. This amount probably seems adequate but the challenges arise when a senior has additional medical expenses and caregiving needs. Medications are not completely covered by Medicare and can be rather expensive.
One of the senior couples profiled by the Tribune were earning $3,000 per month in retirement income. But when the husband was diagnosed with pancreatic cancer, the co-pays for medical visits and the costs of medications quickly amounted to more than their monthly income. Fortunately the wife is able to serve as his Caregiver for free. Another senior profiled lives on $800 per month from Social Security and another receives $998. Unfortunately, when on a limited income, medications are typically the item the senior will do without as they will choose to pay their rent and buy food first.
A couple of these seniors found additional assistance through churches and social service agencies to help pay for their expenses. There was no extra money to pay for Caregiving services, which also are not covered by Medicare.
Regardless of who wins the upcoming election, I hope they will look at the need for affordable medications for seniors of all income levels. It seems Barack Obama is a fan of affordable medical care for everyone, understanding the challenges his Mother experienced when she was diagnosed with cancer. AARP supports more issues supported by Barack,and you can read more on their Voter Guide. John McCain is a senior so should understand well the need for affordable medications. This recent New Yorker article profiles Cindy McCain and her experiences with prescription
