“ There ’ s a myth that Social Security and Medicare miraculously take care of all of people ’ s needs in older age ,” said Alwin , of the National Council on Aging . “ The reality is they don ’ t , and far too many people are one crisis away from economic insecurity .”
Organizations across the country have been using the Elder Index to convince policymakers that older adults need more assistance . In New Jersey , where 54 % of seniors are economically insecure according to the index , advocates used the data to protect property-tax relief programs for older adults during the pandemic . In New York , where nearly 60 % of seniors are economically insecure , advocates persuaded the legislature to raise the Medicaid income eligibility threshold .
In San Diego , where as many as 40 % of seniors are economically insecure , Serving Seniors , a nonprofit agency , persuaded county officials to use pandemic-related stimulus payments to expand senior nutrition programs . As a result , the agency has been able to double production of home-delivered meals , to more than 1.5 million annually .
Officials are often wary of the financial impact of expanding programs , said Paul Downey , president and CEO of Serving Seniors . But , he said , “ we should be using a reliable measure of economic security and at least know how well the programs we ’ re offering are doing .” By law , California ’ s Area Agencies on Aging use the Elder Index in their planning process .
Maine is No . 5 on the list of states ranked by the share of seniors living below the Elder Index , 56 %. For someone in
Fran Seeley ’ s situation ( an older adult who is in excellent health , lives alone , owns a house , and doesn ’ t pay a monthly mortgage ), the index suggests $ 22,560 a year is necessary — $ 3,200 more than Seeley ’ s annual income and $ 9,500 above the federal poverty threshold .
A look at Seeley ’ s budget reveals how quickly necessary expenses accumulate : $ 2,041 annually for Medicare Part B ( this is deducted from her Social Security check ), $ 4,156 for property and stormwater taxes , $ 390 for home insurance , $ 320 for furnace cleaning , $ 1,440 for heat , $ 125 for water , $ 500 for gas and electricity , $ 300 for property maintenance , $ 1,260 for phone and internet , $ 150 for car registration , $ 640 for car insurance , $ 840 for gas at current prices , $ 300 for car maintenance , and $ 4,800 for food .
The total : $ 17,262 . And that doesn ’ t include the cost of medications , clothing , toiletries , any kind of entertainment , or other incidentals .
Seeley ’ s great luxury is caring for four cats , which she describes as “ the light of my life .” Their annual wellness checks cost about $ 400 a year , while their food costs about $ 1,080 .
With inflation now making her budget even tighter , “ it means I have to cut back in any way I can . I find myself going into stores and saying , ‘ No , I don ’ t need that ,’” Seeley said . “ The biggest worry I have is not being able to afford living in my home or becoming ill . I know that medical expenses could wipe me out in no time financially .”
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Senior Resource Guide 2022 17