According to the Consumer Price Index, the cost of food rose again in February 2024: up more than 2.2% over a year ago.¹ And it doesn’t stop there. While price increases may be more modest than in recent years, they still add up. 

The same report shows that, compared to February 2023:

• Energy services in general have risen 0.5 percent.
• Electricity is up 3.6%.
• Housing costs have risen nearly 6%.

Medical care is more expensive this year than last as well: Up 1.4% since February 2023.

For older adults who are struggling, one major adverse life event could change today’s realities into tomorrow’s troubles. You need a lifeline to help you weather the storm and regain your financial footing.

Why NCOA highlights Boost Your Budget Week® every year

Millions of eligible people aren’t aware of these money-savings programs. Even if they are aware, they’re not sure whether or how they should apply. Programs such as the Supplemental Nutrition Assistance Program (SNAP), Medicaid, Medicare Savings Programs, Low-Income Home Energy Assistance Program (LIHEAP), and Part D Low-Income Subsidy (Extra Help) can 'boost your budget' by thousands of dollars each year, 

A national campaign held April 15-19 this year, NCOA’s Boost Your Budget® Week helps raise awareness about the thousands of federal, state, and private benefit programs available that can help you pay for daily living expenses.

There are many factors that may discourage an older adult from applying for benefits programs. Take David, age 75, a Veteran, and living with a disability. Through the help of NCOA's nationwide network of Benefits Enrollment Centers (BECs), David enrolled in SNAP, as well as a utility support benefit.

David and his wife now save hundreds of dollars per year and can rest easy knowing their basic needs are no longer out of reach.

How the proven methods of NCOA's BenefitsCheckUp is helping older adults

Navigating websites or trying to understand what benefits are available and how to apply can often be confusing. As a result, billions of dollars in benefits go unclaimed simply because older adults like you don’t submit your application. NCOA is hoping to change that.

If you’re unsure of where to start, NCOA has a free, confidential, and easy-to-use tool that can help. BenefitsCheckUp® connects millions of older adults and people with disabilities with benefits programs that can help pay for health care, medicine, food, utilities, and more.

Boost Your Budget Week is a reminder that the path towards financial resiliency can be achieved with the help of tools like BenefitsCheckUp. Use it for yourself, or if you're a caregiver who is reading this, a neighbor who knows of an older adult who needs help, or a benefits counselor who is helping a client—BenefitsCheckUp is ready and waiting. Browsing benefits only takes a few minutes—and there’s no sign-up or registration required.

Have questions about BenefitsCheckUp? We're here to help. Call NCOA's helpline at 1-877-293-8875, Monday through Friday from 8 a.m. to 7 p.m. EST.

Source

1. U.S. Bureau of Labor Statistics. Consumer Price Index – February 2024. Found on the internet at https://www.bls.gov/news.release/pdf/cpi.pdf