How to Stretch Your Budget While on Social Security

Budget On Social Security

Social Security Disability benefits are given to individuals who cannot perform significant, full time work. This means that a person’s normal cost of living is now coupled with often escalating medical costs – such as doctor’s visits and prescriptions – to make for a tight budget. However, there are ways to spend smart and we’ll share a few of the best here:

Tips to Stretch Your Budget While on Social Security
  • Lower your taxes – After winning your claim and gaining Social Security Disability, you will now qualify for lower tax rates on your income and property. Be sure to take advantage of it.
  • Consider Medicare – Once you’re on Social Security Disability for two years you will qualify for Medicare. Prior to that time you may also qualify for other low-cost health insurance. These could prove a significant savings in monthly premiums and copays from a private health insurance plan.
  • Get a part-time or work-from-home job – Even though you may be on disability, you’re still allowed to earn a certain amount of income per month. If you can work on a part-time basis or have a special skill that can be done from home, consider taking on jobs on a freelance basis. They can not only provide some income, but they can also be rewarding.
  • Make a budget – This is a rule for anyone with a fixed income. It’s important for disabled individuals to know what their income is, as well as plan for what their expenses will be. If this sounds too complex, try visiting a site like Mint.com where it is easy and free to create a budget.
Tips to Stretch Your Prescription Budget
  • Go generic – This one is a no-brainer, but many patients don’t know that generic drugs carry the identical active ingredient as their name brand counterparts. To see if your name brand drug has a generic equivalent, click here.
  • Split higher dose pills – Did you know that higher dosage pills can cost less than smaller ones? For example, if a bottle of fifty 10mg pills costs $100, a bottle of twenty-five 20mg pills may cost $75. All you would have to do to save money is buy the higher dosage and split the pills.
  • Shop around – It may not seem like it, but some pharmacies can actually provide better deals than others. However, if all pharmacies in the same area offer similar prices, try figuring out which pharmacy has the best rewards program. A rewards program can result in items such as discounts, gift cards and more simply by shopping there.
  • Talk to your doctor – If you’re looking to make any changes to your prescription plan, talk to your doctor first before implementing them.
Contact Ritacco Social Security Disability Law

If you’re living with a disability and would like assistance in applying for benefits, contact our team today for a free consultation.