Lying awake at night stressing about how to afford rent or utilities doesn’t pay the bills. But merely knowing that likely won’t stop you from worrying. In fact, worry about finances was the number 1 stressor in a recent national survey.*

Unfortunately, money is a problem for a lot of people. One-third of older adults have no money left over each month.* Or they are in debt after meeting necessary expenses. 

That can take a real toll on both mental and physical well-being. For example, one study looked at older adults who were financially strapped during the first few days of the month, before their Social Security check arrived. It found that levels of inflammation-causing substances called cytokines rose significantly.* “These inflammatory chemicals are linked to a whole host of conditions,” says study author Laura Samuel, PhD. She’s a registered nurse and an assistant professor at the Johns Hopkins University School of Nursing in Baltimore. On the list:

• Heart disease
   
• High blood pressure
   
• Autoimmune disorders
   
• Chronic pain 
   
• Depression

Do you need help keeping financial stress in check? Try putting one or more of these five tips to work in your life.

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1. Tap into helpful resources

You may be eligible for the Supplemental Nutrition Assistance Program (SNAP) and not realize it, says Samuel. In fact, 3 out of 5 older adults who are eligible for SNAP are not enrolled. That’s about 5 million people overall.*

“There’s a misconception that the average SNAP benefit is only $16 a month,” says Samuel. “But in reality, it’s just over $100.” 

One helpful tip if you spend more than $35 a month on out-of-pocket medical costs: You may be able to deduct those costs from your gross income when you apply for SNAP. That will raise your monthly benefit.*

Another program to look into is the Seniors Farmers’ Market Nutrition Program. It gives older adults coupons to use at local farmers markets for fresh produce. To see if you qualify, go to the U.S. Department of Agriculture Food and Nutrition Service website.* 

Get help paying for the things you need to stay well 

Aetna® Dual Eligible Special Needs Plan, or D-SNP, members get a monthly allowance on an Extra Benefits Card that can be used to purchase healthy foods and select health and wellness items.

Schedule a call to learn more about the benefits of being an Aetna D-SNP member. 

2. Get financial advice

There are many organizations that offer low- or no-cost financial help. A few to try:

The National Council on Aging (NCOA) AgeWellPlanner: This is a free online service. It can help older adults:*  

• Lower their debt
   
• Find work
   
• Cut spending 
   
• Learn about using their home equity

The NCOA BenefitsCheckUp: This free online service can help older adults with limited incomes. It includes more than 2,500 public and private benefits programs.*

3. Create a budget calendar 

Food prices, especially for healthy foods like whole grains, proteins and produce, can really strain your wallet if you’re on a fixed income. Inflation and supply chain issues can add to the stress of feeding you and your family. To deal with these challenges, the NCOA suggests that all older adults create a budget calendar. Here’s what you need:

• A desk calendar or wall calendar
   
• A list of all your monthly income. That includes Social Security checks, income from pensions, disability benefits and SNAP payments.
   
• A list of monthly expenses. That includes rent, health insurance, medication copays, food, utilities and transportation costs.

On your calendar, find the days you get income or benefit checks. Write down the amount of each check on the date. Circle the amounts. Next, write down your household bills on the days they’re due. Finally, subtract your expenses from your income to see how much you have left. 

Keeping a budget calendar will give you a clear picture of how much money you have to spend on things like eating out and clothing each month.* It also gives you a sense of financial control, which can help ease stress. 

4. Ask your health plan about resources 

Depending on your health plan, you may have benefits that can help ease some financial pressure. For instance, Aetna® offers Dual Eligible Special Needs Plans, or D-SNPs with:

• An Extra Benefits Card with a monthly benefit amount (allowance) that can be used to purchase healthy food and select over-the-counter (OTC) health and wellness items.
   
• $0 copays on all covered Part D prescriptions at in-network pharmacies
   
• A support team to help manage your care and get you the health and community services you may need
   
• Home-delivered meals after an inpatient hospital or skilled nursing facility stay

You may be able to save money on your medications

Aetna Dual Eligible Special Needs Plan (D-SNP) members have a $0 copay on all covered Part D prescriptions at in-network pharmacies.

Explore our plans to learn more about the benefits of being an Aetna D-SNP member.

5. Don’t give up on easing stress

Have you taken steps to ease financial stress but still feel on edge? Talk to your doctor. They can offer stress-management tips. Or they can refer you to a mental health professional for support.

If you are eligible for both Medicare and Medicaid, you may be eligible for an Aetna® Dual Eligible Special Needs Plan (D-SNP).

*FOR FINANCES AS NUMBER ONE STRESSOR: Purdue University. Mental well-being inherently connected to financial wellness. January 27, 2021. Accessed December 7, 2023.

*FOR MONEY LEFT OVER EACH MONTH: National Council on Aging. Five tips to boost your income and savings. March 22, 2021. Accessed December 7, 2023.  

*FOR FINANCIAL STRESS AND INFLAMMATION/CYTOKINES: Saumel L, Szanton SL, Fedarko NS et al. Leveraging naturally occurring variation in financial stress to examine associations with inflammatory burden among older adults. Journal of Epidemiology and Community Health. November 2020; 74: 892-897.

*FOR WHO’S ELIGIBLE FOR SNAP: National Council on Aging. 7 facts about older adults and SNAP. March 31, 2021. Accessed December 7, 2023.

*FOR RAISING MONTHLY SNAP BENEFIT: National Council on Aging. 7 facts about older adults and SNAP. March 31, 2021. Accessed December 7, 2023.

*FOR ELIGIBILITY FOR THE SENIOR FARMER’S MARKET NUTRITION PROGRAM: U.S. Department of Agriculture. The Emergency Food Assistance Program. Strengthening the nation’s nutrition safety net and supporting American Agriculture. Accessed December 7, 2023.

*FOR THE NCOA AgeWellPlanner: National Council on Aging. Guidance to age with confidence. Accessed December 7, 2023.

*FOR THE NCOA BenefitsCheckUp: National Council on Aging. BenefitsCheckUp. Accessed December 7, 2023.

*FOR KEEPING A BUDGET CALENDAR: Purdue Extension. Nutrition Education Program. Budget calendar. Accessed December 7, 2023.

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