Top Five Ways Over-70s Can Make Savings

They say that 50 is the new 40, 60 the new 50 and all that kind of thing; the population is ageing; the Government looking for ways to make cuts now and will doubtless be doing so for a number of years. The likely upshot of these factors and other commercial influences too is that perks and benefits for the over-50s will be moved down the line to over-60s, those for over-60s to over-70s etc. That’s the probable bad news for the future.

For now, if you are already over 70, are there any specific benefits you can get now that those lucky enough to be younger than you cannot get?

1. CERT

CERT is the government’s Carbon Emission Reductions Target programme, which runs from 2008 to 2011. It deals with home insulation and grants are available for the over-70s. Applying to any private home (owned or rented) with a resident over 70, CERT is not means tested and could mean free insulation for your home. The Government has instructed energy suppliers to spend £1.5 billion on improving energy efficiencies into the homes of the elderly and those on low incomes.

British Gas has evolved this into its own scheme which offers both cavity wall and loft insulation, free of charge, to every British Gas customer who is either over 70, or receiving certain benefits. The company’s estimate is that £1 in every £3 spent on heating UK homes is wasted thanks to poor insulation. With around nine million homes without insulation in their cavity walls and some 40 per cent of homes with no or inefficient loft insulation, there is plenty of scope for improvement. The Energy Saving Trust reckons that good cavity wall insulation saves the average household around £120 a year, and proper deep loft insulation results in an annual saving of £155.

2. Free Passports

If you are a British national and you were born on or before 2 September 1929, you could be eligible for a free passport. If you’ve applied for a passport since 19 May 2004 apply for a refund. Contact the Identity and Passport Service (IPS) 0300 222 0000 begin_of_the_skype_highlighting 0300 222 0000 end_of_the_skype_highlighting. It could take up to three weeks to obtain your passport.

3. Free TV Licences

If you are slightly older than 70, indeed 75 or over, you can get a TV licence for free. If you’re 74 you can get a short term licence that will be valid until the end of the month before your 75th birthday. To apply, call 0844 800 6790 begin_of_the_skype_highlighting 0844 800 6790 end_of_the_skype_highlighting. You will need to have your current TV licence number and National Insurance number at the ready.

4. Insurance

One problem for over-70s is the increased cost of travel insurance as travel companies appear reluctant to insure older people. We hope that this will change in line with the demographic trend discussed in the first paragraph. Not all insurance companies are averse to insuring the over-70s, however. Search the internet to find companies that provide insurance especially for the over-70s – you will probably get a better deal than you can get from major insurers. Travel insurance for the older age group can also cover medical conditions, so don’t despair if you have a condition and have been refused insurance in the past. As ever, when dealing on line, you can get an online quote and pay for your insurance within minutes.

5. Pension (for the over-80s)

If you’re over 80 you will receive a pension whether you made any national insurance contributions or not. It currently stands at £58.50 a week. Apply for this pension in the four months leading up to your birthday.

What's this?