Loss of Partner Strains Economic Health
Money Management Strategies for Elderly Women
The grief process can cloud decision-making. Experts advise widows to wait at least one year before making significant changes, such as selling their marital property and moving in with children.
Rising healthcare costs are another concern for widows. Some may delay or avoid routine healthcare due to cost. Chronic conditions may qualify them for a Chronic Special Needs Plan (C-SNP), a Medicare Advantage plan for individuals with medical conditions such as diabetes or heart disease. C-SNPs offer tailored benefits, provider choices and covered drugs based on the individual’s health needs.
Preparation is the most essential measure women can take to become financially empowered. They can make wise money decisions by being actively involved in their finances and seeking advice from a reputable financial planner. With time and research, they can find community resources to help them stretch their budgets and meet their needs affordably.