Throughout your life it is important to manage and understand your money. As we age and prepare for the future, it is of greater importance. Money is something that will help support us in our old age. In order to help pay for necessities such as food, housing and care it is important to save when you can and protect the money you have.
In order to enroll in certain government programs, such as receiving money for food through the Supplemental Nutrition Assistance Program (SNAP), formal known as food stamps, or getting MassHealth Standard insurance, one of the qualifications you need to prove is low income. These are incredibly useful programs for those who need them and qualify. There are additional requirements as well. In order to learn more about these programs please visit their websites: SNAP, and MassHealth Standard.
How to handle a senior’s money is a personal decision that should be made with conversations with family. However, if it is determined that it is best for them to have a personal bank account there is a law to keep in mind while opening a bank account. This law is referred to as the “18/65” Law. This law allows seniors to open a checking and savings account at any bank that is not a credit union or a federally-chartered bank without having to pay any maintenance or service charges. These accounts are also not subjected to minimum balance requirements. There are no fees or charges for a deposit or withdrawal, initial or re-order of basic checks, and there is only a $5 maximum amount they can charge due to payment being refused from insufficient funds. This also applies to people under 18, hence being called the “18/65” Law. If you are interested in getting one of these accounts, ask your bank. Participating banks are required to post notice of availability by law.