If you’re shopping for a stair lift, you might be wondering if your health insurance or Medicare will cover the expense. Even with a doctor’s prescription, standard health insurance plans and Medicare will not usually reimburse the cost of a stair lift or its installation.
Most insurance carriers do not cover the expense of a stair lift. On the other hand, some firms may provide medical equipment coverage to assist people with disabilities. If you believe your insurance company might cover a stair lift, you should contact them and inquire about their coverage.
Several organizations may assist you if you don’t want or can’t afford a stair lift. The American Foundation for the Blind provides grants to people who are blind or visually impaired to purchase essential equipment. You may also discover information on charity funds by conducting a search online.
There are also a few firms that provide financing for stair lifts. This might make the expense of a stair lift more reasonable. If you are still struggling to pay for a stair lift, many individuals would be delighted to lend you one. Several websites allow users to look for people who want to donate stair lifts. You may also inquire with your local community center or church whether they know of anyone who could assist you.
- Paying for your Stair Lift
- Waivers for Medicaid recipients
- Alternative Insurance Coverage
- Loans for House Repairs
- U.S. Department of Veterans Affairs Housing Assistance for Veterans
- Area Agencies on Aging
- Foundations and Organizations
- Crowdfunding
- Financing through a consumer loan
- Converts your home equity into a mortgage
- HECM features
- Final Thoughts
Paying for your Stair Lift
There are several options for assistance when it comes to paying for a stair lift, no matter your circumstance. Do some research and look at all of your alternatives to discover the best option for you. The cost of a straight rail stair lift ranges from $2,200 to $5,000 with installation depending on the manufacturer and model.
A bespoke curved rail stair lift will most likely set you back over $9,500 before you begin installing it. If you can’t afford these costs, there may be alternative funding sources open to you other than your health insurance coverage.
Waivers for Medicaid recipients
In the vast majority of states, Medicaid home and community-based waivers cover the expense of home improvements such as a stair lift. To qualify for these concessions, you must usually fulfill the income requirements to receive Medical Assistance from your state. However, it is essential that you contact your state’s Department of Health and Human Services to discover more about what resources are available in your region.
Alternative Insurance Coverage
Although health insurance plans seldom cover home modifications, specific automobile insurance policies, workers’ compensation programs, state catastrophic accident insurance plans, or medical trust funds may pay for them if the disability was caused by an accident or injury.
Long-term care insurance can also cover people of any age. Certain policies allow consumers to use benefits to pay for home improvements if it means the beneficiary will not have to live in an assisted living facility or a nursing home.
Loans for House Repairs
Home improvement microloans such as Minnesota’s Fix-up Fund and The People’s Bank/Connecticut Housing Investment Fund, Inc. (CHIF) Home Improvement Loan Program are accessible in certain areas.
These loans are popular because they supply hefty purchasing power, flexible repayment options, and minimal closing expenses. Typically, these loans provide low fixed-interest rates, pleasant payment terms, no prepayment penalty, and cheaper closing costs than traditional home improvement loans. Check with your state’s housing department to see if similar loan alternatives exist in your area.
U.S. Department of Veterans Affairs Housing Assistance for Veterans
Veterans who have service-connected disabilities may be eligible for housing subsidies to make their residences more accessible. The Specially Adapted Housing (SAH) grant and the Special Home Adaptations (SHA) grant are two such programs. Check with your local VA office to see whether you qualify.
Area Agencies on Aging
Area Agencies on Aging may provide home improvements as part of their services. The program may provide home repair and improvement services on a sliding fee scale or for free, depending on the region where the person resides.
Foundations and Organizations
Non-profit organizations such as Rebuilding Together, as well as private foundations, may occasionally provide home improvement services. Other groups, such as the MS Society (which stands for Multiple Sclerosis), will specialize in meeting the demands of people with specific impairments or diseases.
Crowdfunding
The term “crowdfunding” refers to the practice of raising funds for a project or venture by soliciting contributions from a large group of people, including family, friends, and acquaintances. This is frequently done using popular crowdfunding platforms like GoFundMe and Kickstarter, but community fundraising events are another option.
Financing through a consumer loan
Some stair lift suppliers offer to finance qualified consumers in which the stair lift is paid off in monthly installments. A down payment may be required, as well as an interest rate that the lender will add to the payments. Make sure to inquire whether stair lift providers would finance you if you contact them.
Converts your home equity into a mortgage
Homeowners who are 62 or older may be eligible for a Home Equity Conversion Mortgage (HECM). A HECM allows you to take control of your monthly cash flow and offers a line of credit (LOC) that grows over time. You may borrow money tax-free, penalty-free at any moment using the HECM LOC.
HECM features
- There is no limit to the length of the draw.
- There are no minimum payments required.
- The lender is unable to reduce or stop the loan amount.
- The home is NOT subject to foreclosure unless taxes or insurance is unpaid.
- When a mortgage matures, borrowers and their heirs are never obliged to pay more than the home’s market value.
Final Thoughts
If you can’t pay out of pocket for a stair lift in your home, these alternative options might be a better fit. However, it’s crucial to ensure the lender or organization you select is an actual lender or business. When looking for funding sources, look for endorsements or recommendations from reputable organizations like a state housing agency, local aging organization, or advocacy group.