$58 billion in SNAP, SSI and Medicare benefits go unclaimed by older adults — how retirees can save thousands

Millions of low-income older adults in America are missing out on benefits that could help them cover costs for medical bills, groceries, utility bills and more.

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Data from the National Council on Aging (NCOA) show that more than 9 million older adults who are eligible for benefits are not claiming them.

Collectively, NCOA says that an estimated $58 billion in benefits that could help to pay for daily essentials are being left on the table.

The NCOA says that many older adults may incorrectly believe that they don't qualify for these benefits programs, while others may not even know they exist

For those low-income older adults who aren't collecting benefits they're eligible for, the dollar amounts being left on the table are significant.

The NCOA data looks at three benefit programs: the Supplemental Nutrition Assistance Program (SNAP), Supplemental Security Income (SSI) and Medicare Savings Programs (MSPs).

Just 38% of eligible individuals age 65+ participated in SNAP in 2023, the NCOA found. That means an estimated 9.1 million eligible people didn't claim benefits that could have helped them put food on the table.

That's $188 a month, or $2,256 a year, in SNAP benefits that people are missing out on (based on the 2023 average benefit amount for households with a 60+ adult).

For SSI, 40% of those eligible participated in 2023, meaning 3.6 million people left those benefits on the table. That amounts to $552.29 a month, or $6,627.48 a year, based on the December 2023 average for adults 65+.

And for MSPs, which help cover Medicare premiums, deductibles and co-insurance, 49% of those eligible claimed benefits, meaning 6.6 million people weren't enrolled. That's $164.90 a month unclaimed, or $1,978.80 a year, based on the standard Part B premium for 2023.

All told, for someone who qualified for all three benefits programs, based on 2023 benefit levels, that's $10,862.28 a year to help cover life's essentials.

There's other help for low-income older adults available as well. Those who qualify for the Medicare Savings Program, and those who receive SSI, also automatically qualify for the Extra Help program , which helps pay for Medicare drug coverage (Part D) and other costs.