A 2023 survey by InvoiceCloud found that the majority of baby boomers do not prefer to pay their bills online, citing less confidence in mobile apps and websites than their younger counterparts. And, with elder fraud running rampant, who can blame them?
However, utilizing online payments means having easy access to autopay. And there’s no denying autopay has benefits.
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Seventy-year-old retired teacher, Dennis Finnigan, of Fort Lauderdale, Florida, keeps essential bills on autopay because “missing even a couple payments could have some serious consequences,” he stated. Plus, not only does autopay give him peace of mind, it helps maintain his credit score.
Here are the six bills retired boomer always keeps on autopay.
Electric
“This one’s easy,” Finnigan said. “If I miss a few payments, I’ll literally be in the dark.”
And no one wants to wind up with their power shut off over an oversight.
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Landscaping
Not only does regular landscaping keep Finnigan’s property looking nice, but regular, on-time payments ensure smooth relationships with his gardeners.
“It also helps keep my crew showing up reliably,” Finnigan shared. A win-win.
HOA Dues
Finnigan explained that late fees escalate quickly if homeowners association (HOA) fees are missed — and can actually lead to liens on his home or (in severe cases) foreclosure proceedings. Best not to find out the hard way.
Long-Term Care Insurance
Missing just a few premium payments will result in Finnigan’s long-term care insurer cancelling coverage. And that’s bad news bears for an aging boomer.
“The policy took years to build so I’m not risking it,” Finnigan stated.
Medicare
Because missed payments can result in lapses in coverage, access to doctors or prescription medications can also be disrupted — a significant headache for anyone, but, specifically, older adults with increased, age-related ailments.
Life Insurance
Similar to his long-term care insurance, Finnigan’s life insurance policy is liable to be cancelled after just a couple missed payments.
“Autopay prevents me from getting dropped,” Finnigan said. And that’s as good a reason as any to utilize it.
Final Take To GO
Finnigan advised reviewing all autopay charges to track not just unannounced rate hikes but also bills that can vary based on usage. For instance, it’s important to notice when a leaky toilet or unsealed AC coil drives up energy (and, subsequently, your bill!) and needs to be fixed.
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This article originally appeared on GOBankingRates.com: I’m a Retired Boomer: 6 Bills I Always Keep on Autopay
