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A 2023 survey by InvoiceCloud found that most baby boomers do not prefer paying their bills online, citing less trust in mobile apps and websites than their younger counterparts. And, when there is massive fraud going on, who can blame them?
However, using online payments means having easy access to autopay. And it can’t be denied that autopay has benefits.
Dennis Finnigan, a seventy-year-old retired teacher from Fort Lauderdale, Florida, puts essential bills on autopay because “missing even a few payments can have some serious consequences,” he said. Plus, autopay not only gives him peace of mind, but also helps maintain his credit score.
Here are six bills that retired boomers always have on autopay.
Electricity
“It’s simple,” Finnigan said. “If I missed a few payments, I would literally be left in the dark.”
And no one wants to have their electricity turned off due to a mistake.
landscape
Regular landscaping not only keeps Finnigan’s property looking good, but regular, timely payments ensure a smooth relationship with his gardeners.
“It also helps keep my crew performing reliably,” Finnigan shared. A win-win.
hoa dues
Finnigan points out that if homeowner association (HOA) fees are missed, late fees add up quickly – and could actually result in a lien or (in extreme cases) foreclosure proceedings on his home. It would be better not to find out the hard way.
long term care insurance
Missing just a few premium payments will cancel Finnigan’s long-term care insurer coverage. And that’s bad news for an aging boomer.
“This policy took years to create so I’m not going to risk it,” Finnigan said.
Treatment
Because missed payments can result in a lapse in coverage, access to doctors or prescription drugs may also be disrupted – a significant headache for anyone, but, especially, for older adults with increased age-related illnesses.
Insurance
Similar to their long-term care insurance, Finnigan’s life insurance policy can only be canceled after a certain number of payments are missed.
“Autopay keeps me from being out,” Finnigan said. And that’s as good a reason as any to use it.
last attempt to go
Finnigan advised reviewing all autopay fees to keep an eye not only on unannounced rate increases but also on bills that may vary based on usage. For example, it’s important to notice when a leaky toilet or unsealed AC coil leads to energy bills (and, subsequently, your bill!) and needs to be fixed.