Can You Save Money Cutting the Cable Cord?

Author

Silver FOX
January 15, 2024

In Today’s Newsletter:

  • Your Weekly Foxy Fact: How a Geriatric Social Worker Can Help You Find the Perfect Assisted Living Facility

  • Can You Save Money Cutting the Cable Cord?

  • Trending: Alexa Together Helps Caregivers Keep Tabs on Seniors Remotely

FOXY FACT: Need help finding a solid assisted living facility that fits your budget? Hire a geriatric social worker, and avoid consultants. Assisted living facilities can be confusing to navigate, especially when it comes to avoiding financial pitfalls. Misleading pricing practices are common, with some facilities quoting seemingly inclusive rates only to add extra charges for every service rendered. Consultants in the placement process also create a conflict of interest by operating as commissioned salespeople who recommend the facility that provides the largest kick-back. Seeking guidance from independent professionals, such as geriatric social workers or care managers, becomes crucial. Private equity entities focused on maximizing profits have further complicated the industry, making careful consideration and unbiased assistance essential to ensure our aging loved ones' well-being.

CAN YOU SAVE MONEY CUTTING THE CABLE CORD?

5 minute read

Are you tired of paying a high price for cable TV? Switching to streaming services may be a more affordable and convenient option. I made the scary decision to switch to streaming in 2022 after my XFinity cable bill skyrocketed to nearly $300 a month. Unfortunately, fear of technology and the unknown kept me frozen in place for a long time. In this article, I'll explore the differences between cable and streaming and provide you with the information you need to make informed choices that suit your preferences and budget. Hopefully you’ll also learn enough and discover streaming isn’t as scary or difficult as it sounds.

Cable Dilemma - Rising Costs, Hidden Fees

Cable TV costs are very high ranging from $20 to $150+ per month. Industry giants like Comcast and DIRECTV have further amplified these steep costs, with an average of over $220 per month as of 2023. Additionally, there are extra fees for cable boxes, installation services, and even cloud DVR storage. It's essential for seniors to carefully examine their cable statements to fully comprehend the financial impact before deciding whether a cable subscription is a financially feasible decision.

Exploring Live TV Streaming Services as an Alternate Solution

Live TV streaming services were originally popular for being cost-effective and adaptable, but prices have surged over time, causing seniors to reconsider their decision to switch from traditional cable. Here are the current monthly rates for the main live TV streaming options:

  • DIRECTV STREAM – Entertainment Package: $79.99

  • Frndly TV – Premium: $11.99

  • Hulu + Live TV: $76.99

  • Philo: $25.00

  • Sling Orange + Blue: $55.00

  • Vidgo – Plus: $69.99

  • YouTube TV: $72.99

Seniors should consider the need for a high-speed internet connection, which may be challenging for those accustomed to traditional cable TV services that often include internet bundles. An average high-speed internet plan costs around $50+ per month, not including additional fees for modem rentals and taxes. A minimum download speed of 25Mbps is recommended for streaming, video calls, and popular apps. Most TV streaming services offer DVR capability.

Video On-Demand Streaming - Your Second Cable Alternative

I rarely watched live TV on cable so I chose this option. I also prefer video on-demand streaming over live TV because it offers an à la carte menu for entertainment. All I need is a Wi-Fi-capable modem (which I already had for Internet) and a smart TV so I could download apps like Prime Video, Netflix, Peacock, Apple+, YouTube, and HBOMax. My monthly costs are:

  • AT&T U-Verse (includes Internet modem rental fee) - $75.40

  • Prime Video (via Amazon Prime account) - Included with Membership

    • Prime Subscription for Paramount+ (which now includes Showtime) - $11.99

  • Nexflix Premium (Family Plan) - $22.99

UPSIDE: I went from paying almost $300 a month with cable to about $111.40 a month today. I can scale that cost up or down, depending on what I want and can afford. DOWNSIDE: The biggest thing I had to get used to was not having a one-stop menu that listed everything. You’ll still have individual channel menus to navigate through things, but it can take some time to get used to this. Also, be sure to track your subscriptions so you don’t overspend or wind up with channels you don’t really watch when the one series you like is over for the year.

TIP: Save money by sharing accounts with loved ones. I share my Netflix family plan with my aunt and brother, and my nephew added his parents to his Prime Video Household account for free access to all his extra channel subscriptions.

Key Considerations for Seniors

1. Assess Your Internet Situation

To assess streaming's cost-effectiveness, evaluate your internet speed (25 Mbps minimum). Seniors with bundled TV/internet should check for discounts. Compare standalone internet prices with streaming plan costs for the best option.

2. Unravel Cable Bill Fees

Cable bills are notorious for their numerous additional fees. It is essential for seniors to examine closely any charges for cable box rentals, installation, DVR storage, and miscellaneous expenses. On the other hand, streaming services usually provide a straightforward pricing system, with only local sales tax as an additional cost.

3. Identify Essential Channels

Cable providers offer a multitude of channels that can often leave seniors feeling inundated. However, for those who primarily tune into a select few channels streaming TV packages may be a more tailored and appealing option to consider. Or, if you find you barely watch any of these channels, you may want to go the video on-demand streaming route like I did.

4. Ready But Overwhelmed by the Tech? Ask for Help

Get help from a tech-savvy family member or friend to start streaming if that’s what your costs analysis shows is the better option. Senior Planet also offers FREE and FRIENDLY tech support at 888-713-3495 if you have questions. Don't let fear hold you back from saving money and enjoying streaming.

Making an Informed Decision

As streaming services continue to evolve and prices rise, seniors are faced with the challenge of deciding whether to continue their cable subscription, switch to live TV streaming, or explore video on-demand options. By carefully evaluating your channel preferences, internet costs, and additional fees, you can now confidently make a decision on whether to cut the cord with cable.

Sources:

Amazon's introduction of Alexa Together is a noteworthy trend in the realm of technological advancements for seniors. This subscription service is priced at $19.99 per month and is tailored for seniors and their caregivers, similar to Life Alert. Alexa Together goes beyond standard features by providing a 24/7 urgent-response center, caregiver alerts, and tools, offering a holistic solution for health monitoring and assistance. To set up the service, a senior needs an Alexa-enabled device, while caregivers need the Alexa mobile app. This facilitates real-time alerts, video calls, and remote assistance. While Alexa Together provides an affordable and beneficial option for seniors' well-being, there are aspects to consider, such as potential tech-related confusion and the need for additional fall-detection devices.