Affordable Ways to Age in Place – Home Accessibility Financing Options

Cost plays a huge role in making home accessibility decisions. Obviously, your mobility needs are the biggest driving factor, but cost is often a close second.

Because every person has a different and unique situation, accessibility costs are tough to neatly pin down. That’s why it’s important to understand what your home accessibility financing options are. Home modifications are much more manageable once you get an idea of the expected costs and the financing that’s available, and that’s exactly what we’ll cover in this article.

(Disclaimer: Next Day Access is not a financial advisor, and this is not financial advice. Use this information to learn about typical accessibility costs and financing options and consult a financial professional if necessary.)

Understanding the Cost of Home Modifications

As a rule, the cost of any home accessibility modification depends on what you need – and price ranges can only help so much. Due to the personalized nature of mobility modifications, many of the price estimates you’ll find online are huge ranges that don’t tell you much.

Accessibility products include everything from wheelchair ramps to in-home elevators, and most home modification projects involve more than one product. And whether your mobility challenge is temporary or permanent will also affect how much you spend.

Ultimately, it’s best to work with a team of accessibility experts who can listen to your needs and help you develop a plan and a budget that work for you.

Home Accessibility Financing Options

While high-quality accessibility products aren’t cheap, they can still be affordable with the right home financing options.

But first, you’re probably wondering if insurance covers home accessibility modifications. The short answer is that unfortunately most accessibility solutions aren’t covered under insurance because they’re classified as home improvements instead of medically necessary products. This is true for most private insurance plans, and it can be true for Medicare and Medicaid (more on that below).

Even though insurance coverage is spotty, there are still plenty of financing options you can leverage so your home modifications stay within reach.

Here’s a rundown of the major types of financing to consider:

Government Assistance Programs & Grants

Most people wonder whether Medicare and Medicaid help pay for accessibility products. In a nutshell, Medicaid is more likely to pay than Medicare.

Medicare Part B plans won’t cover most mobility products. Some Medicare Part C plans have more flexibility, but it’s up to the private carrier offering the plan.

By contrast, many Medicaid plans will help pay for products like wheelchair ramps, stair lifts, grab bars, and more. This varies widely, so check with your state’s Medicaid program to see what’s covered.

Aside from Medicare and Medicaid, there are also federal grants available to lower the costs of home adaptation. These include federal grants like the USDA Section 504 Home Repair program as well as veteran- and state-specific initiatives.

Tax Deductions & Credits

Thankfully, many home mobility products are tax deductible – as long as the total cost of those products exceeds 7.5% of your income (if you’re over 65). IRS Publication 502 lays out which products can be deducted.

Private Loans & Financing Plans

While a private loan shouldn’t necessarily be your first stop, it can help close the cost gap. Different kinds of home equity loans are commonly used for accessibility products.

At Next Day Access, we coordinate home equity loans through Finance of America.

Home Accessibility Financing Options for Renters

Generally speaking, renters have fewer options than homeowners when it comes to accessibility financing. Some government grants and area programs can help renters cover the cost of modifications, so work with your landlord to find out what your options are. Ramp rentals and other temporary accessibility solutions can offer an affordable, flexible alternative for renters.

Making The Most Out of Your Home Accessibility Financing Budget

If you’re in doubt, consult a financial professional to help you budget for your accessibility solutions. It’s the best way to make the most of your investment and make sure that you won’t be hurting your finances.

Plan Your Home Accessibility Project – Schedule a Free On-Site Consultation

We know accessibility pricing and financing is confusing, which is why we’re here to help. Request a free on-site consultation from your local Next Day Access team to get a customized quote based on your needs!