Summary:
AARP membership offers a range of benefits aimed at retirees and those nearing retirement, including discounts, financial tools, and access to health and insurance services. However, the value of these benefits varies depending on individual needs and circumstances. We’ll explore the pros and cons to help you decide if it’s worth joining.
In the developed world, one thing is certain across the board, people are getting older fast and the baby boomer generation is set to increase the ranks of the retired quickly. The American Association of Retired Persons (AARP) is a nonprofit organization dedicated to advocating for and providing benefits to people aged 50 and older in the US. With over 38 million members, AARP offers discounts, financial services, health and wellness programs, and a strong voice in legislative matters affecting older adults. But with so many perks, you might wonder: is an AARP membership truly worth it?
What is AARP?
AARP was founded in 1958 with the mission to empower people to choose how they live as they age. While best known for its advocacy, AARP also offers a membership program that provides access to various discounts, services, and resources tailored to the needs of older adults. Membership is open to anyone aged 50 or older, and costs just $16 per year, with discounts available for multi-year subscriptions.
AARP Key elements
– AARP has over 38 million members
– Annual membership fee: $15
– Open to individuals aged 50 and older
– Annual membership fee: $15
– Open to individuals aged 50 and older
Who should consider AARP membership?
AARP membership is best suited for those aged 50 and older who can benefit from the available discounts, insurance products, and financial planning resources, making it particularly valuable for individuals who travel frequently and can take advantage of travel-related discounts, those in need of Medicare resources and prescription savings, and people looking for additional financial planning tools as they approach retirement.
Are there any age restrictions for AARP benefits?
AARP membership is open to anyone aged 50 and older, but it’s important to note that some benefits may have age-related restrictions or may be more relevant to members at certain stages of life. Getting and understanding of these nuances can help you determine when to join and how to best utilize your membership.
General Membership
AARP membership itself is available once you turn 50. However, many benefits, such as discounts and access to certain services, are available as soon as you join, regardless of age. This makes it possible for those who are still working and not yet retired to start taking advantage of AARP’s offerings.
Health and Insurance Products
Some health and insurance products, particularly those related to Medicare, are only relevant or available to members who are 65 or older. For instance, AARP-branded Medicare Supplement Insurance plans are designed for individuals who are eligible for Medicare, which typically begins at age 65. If you join AARP before turning 65, you won’t be able to access these specific benefits until you meet the age requirement.
Other Discounts and Services
Many of the discounts and services provided by AARP, such as travel and dining discounts, have no age restrictions and can be used immediately upon joining. However, the relevance and value of these benefits may increase as members approach retirement and have more time to travel and explore new activities.
We spoke to Lamar Brabham, the founder of a financial advisory firm and an expert in retirement, social security and AARP.
Expert Insight
There are literally hundreds of benefits available to members of AARP, from savings on travel-related items such as airfares, hotels and resorts, restaurants, and cruises to health insurance, life insurance, and auto insurance. The list is extensive and by taking advantage of even just a few, you can save far more than the modest cost of the membership fee. The cost of membership can run as low as $9 per year and is an absolute bargain. In addition to all the other benefits, you receive a copy of the coveted AARP magazine which happens to be the most read magazine in America.
– Lamar Brabham, CEO & founder of Noel Taylor Agency
– Lamar Brabham, CEO & founder of Noel Taylor Agency
Benefits of AARP membership
AARP offers a wide range of benefits that cater to the specific needs of its members, particularly in areas of health, financial security, and lifestyle. Here’s a breakdown of the primary benefits:
Discounts and savings
One of the most popular features of AARP membership is access to various discounts:
| Category | Examples | Average Savings |
|---|---|---|
| Travel | Save on hotels, car rentals, cruises, and vacation packages | 10% – 20% |
| Dining | Special offers at participating restaurants and cafes | 5% – 15% |
| Shopping | Deals on clothing, electronics, and home goods | 5% – 25% |
Health and wellness
AARP provides a variety of health and wellness resources:
| Benefit | Description | Average Savings |
|---|---|---|
| Medicare resources | Comprehensive guidance on choosing Medicare plans, including AARP-branded Medicare Supplement Insurance plans, Medicare Advantage, and Part D plans | Varies by plan and healthcare needs |
| Prescription discounts | Save on prescription medications at over 66,000 pharmacies nationwide | Up to 38% |
| Wellness programs | Access to online tools, fitness resources, mental health support, and discounts on wellness products and services | Indirect savings through improved health and reduced healthcare costs |
Join & Explore the Benefits
Medicare resources
AARP provides comprehensive guidance on Medicare, helping members navigate the complexities of Medicare plans, including AARP-branded Medicare Supplement Insurance plans. The AARP Medicare Supplement Insurance plans are offered through UnitedHealthcare and are designed to cover costs not covered by traditional Medicare, such as copayments, coinsurance, and deductibles.
- AARP Medicare Supplement Plans (Medigap): These plans help fill the gaps in Original Medicare (Part A and Part B). AARP offers a range of Medigap plans that vary by coverage level, so members can choose a plan that best meets their healthcare needs.
- Medicare Advantage Plans (Part C): AARP partners with UnitedHealthcare to offer Medicare Advantage plans, which combine Part A, Part B, and often Part D (prescription drug coverage) into one plan.
- Medicare Part D (Prescription Drug Plans): AARP provides access to Medicare Part D plans through UnitedHealthcare, which helps cover the cost of prescription medications.
- Medicare Education Resources: AARP offers a variety of educational resources, including webinars, articles, and personalized tools, to help members make informed decisions about their Medicare coverage.
Wellness programs
AARP offers various wellness programs aimed at helping members maintain an active and healthy lifestyle. These programs include access to online tools, resources, and partnerships with organizations that promote physical and mental well-being.
- Health and Fitness Resources: AARP members have access to online exercise videos, fitness challenges, and wellness tips to help maintain a healthy lifestyle. These resources are designed for all fitness levels and can be accessed anytime.
- Mental Health and Wellness: AARP provides articles, webinars, and tools focused on mental health, stress management, and overall well-being. These resources aim to support members in achieving a balanced and healthy mind.
- Healthy Living Discounts: AARP partners with various health clubs and fitness centers to offer discounts on memberships and classes. Members can also access discounts on wellness products like supplements and health devices.
- The AARP Staying Sharp Program: This is a brain health program that offers members tools and tips to keep their minds sharp, including activities that promote cognitive health, personalized brain health assessments, and games designed to improve memory and attention.
Expert Insight
Consumer trends have shifted towards a demand for more authentic and real-life user experiences. A great service or product may not be enough; in many cases, users and consumers want to feel they also align with your mission! I think AARP could feature more real-life stories that would benefit its members. When someone can see themselves in an article, it’s really helpful, representation matters. Social Media is still a very large platform for marketing – which I don’t see AARP using as heavily. Working with influencers could be a great way to garner interest in what AARP has to offer. Because social media tends to skew towards a younger demographic, perhaps grabbing the attention and awareness of prospects slightly before they hit AARP age is key – Rachel Neill, Founder & CEO of Figgyplay.com
Financial and insurance services
AARP members can access a range of financial tools and insurance products designed for older adults:
Retirement planning: Tools and calculators to help you plan your financial future.
AARP-branded insurance: Auto, home, life, and long-term care insurance tailored to the needs of older adults.
Investment services: Access to financial advice and investment products through AARP’s partnerships with financial institutions.
Retirement planning: Tools and calculators to help you plan your financial future.
AARP-branded insurance: Auto, home, life, and long-term care insurance tailored to the needs of older adults.
Investment services: Access to financial advice and investment products through AARP’s partnerships with financial institutions.
What specific types of insurance does AARP offer?
AARP offers a range of insurance products specifically designed to meet the needs of older adults. These insurance options cover various aspects of life, from auto and home protection to health and long-term care. Here’s a breakdown of the specific types of insurance AARP provides:
Auto Insurance
AARP partners with The Hartford to offer auto insurance tailored to older drivers. This insurance includes features like RecoverCare, which helps cover the cost of services such as home cleaning, lawn maintenance, and transportation if you’re injured in a car accident and unable to perform these tasks yourself.
Home Insurance
AARP also offers home insurance through The Hartford. This coverage includes standard protections like dwelling and personal property coverage, along with additional options such as identity fraud expense coverage, which reimburses you for expenses related to identity theft.
Life Insurance
AARP’s life insurance plans, offered through New York Life, do not require a medical exam, making them more accessible for older adults. These plans include both term and permanent life insurance options, allowing members to choose the coverage that best suits their needs and financial situation.
Long-term Care Insurance
AARP partners with New York Life to offer long-term care insurance. This insurance helps cover the costs associated with extended care services, such as in-home care, assisted living, or nursing home care, which can be a significant financial burden as people age.
How does AARP compare to other senior discount programs?
AARP is not the only organization offering discounts and benefits to seniors. Several other programs provide similar perks, and comparing them can help you decide which membership offers the most value for your needs. Here’s how AARP stacks up against other popular senior discount programs:
AAA Senior Membership
Like AARP, AAA offers discounts on travel, dining, and entertainment. However, AAA’s primary focus is on roadside assistance and travel-related benefits, whereas AARP provides a broader range of services, including financial and health-related resources. If you travel frequently and value roadside assistance, AAA might be a better option, but AARP’s comprehensive benefits make it a stronger choice for overall senior living.
Senior Pass (National Parks)
The Senior Pass offers significant savings for seniors who enjoy visiting national parks and federal recreational lands. While this pass is excellent for outdoor enthusiasts, it doesn’t offer the wide range of services that AARP provides. If your primary interest is in discounted access to parks, the Senior Pass is ideal, but AARP’s membership covers more aspects of everyday life.
Other Retiree Organizations
There are other retiree organizations that offer discounts and benefits similar to AARP, often focusing on specific regions or industries. These organizations may offer more targeted benefits, but they generally lack the national reach and variety of services that AARP offers. AARP’s advocacy and influence at the national level also set it apart from many smaller programs.
FAQ
Is there any option to cancel AARP membership if it’s not beneficial?
Yes, you can cancel your AARP membership at any time if you feel it’s not beneficial. To cancel, you can contact AARP’s member services by phone or through their website. Depending on when you cancel, you may be eligible for a prorated refund of your membership fee.
Are there any hidden fees or costs associated with AARP membership?
There are no hidden fees associated with AARP membership beyond the annual membership fee of $16. However, some services and insurance products available to members may have additional costs, which are disclosed at the time of purchase.
Is AARP membership worth it if I don’t travel often?
Yes, AARP membership offers more than just travel discounts. Even if you don’t travel frequently, the membership includes savings on dining, shopping, and prescription medications, which can still provide significant value.
Can younger individuals join AARP, and are there benefits for them?
Yes, AARP membership is open to anyone aged 50 and older, but younger individuals can join as associate members. While some benefits are more relevant to those nearing retirement, younger members can still access discounts and financial planning resources.
Does AARP offer any benefits for family members?
Yes, AARP offers some benefits that can extend to family members, particularly with certain insurance products. Additionally, discounts on travel, dining, and entertainment can often be used by family members when the AARP member is present.
Key takeaways
- AARP membership offers a broad array of benefits, including discounts, insurance products, and financial tools tailored to older adults.
- The membership fee is relatively low at $16 per year, but the value you derive depends on how much you use the available benefits.
- It’s crucial to consider your individual needs and lifestyle to determine if AARP membership aligns with your retirement and financial planning goals.
- While AARP provides substantial benefits, it’s important to be aware of potential drawbacks, such as membership fees and the scope of available services.
