5 Funding Sources for Your Home Accessibility Modification

Posted on: June 23rd, 2017 by WilliamBros Blogger

At Williams Bros. Health Care Pharmacy, we believe in the benefits of aging in-home. Over the long haul, it’s much more cost-effective than moving into a facility, and you’re able to stay in the beloved residence where you made so many memories.

However, we know that the upfront cost can sometimes be prohibitive. That’s why we’re offering these funding sources for your home accessibility makeover:

  1. Tax deductions.

 

While most of us think of the IRS as only there to take money from us every April, there are actually great tax deductions homeowners can take for certain home modifications. These include “special equipment installed in a home, or for improvements, if their main purpose is medical care for you, your spouse, or your dependent.” Scroll to page 6 of this link to see all the tax-deductible accessible home modifications available.

 

  1. Private Insurance.

 

While Medicare won’t cover something such as mobility ramps, some private insurers will. Check with your hospital’s social service department. Sometimes, you can even use your HSA or cafeteria plan to cover a portion of the costs.

 

  1. Area Agency on Aging.

 

Your local Area Agency on Aging should be able to direct you to community resources to help you with certain housing projects. Some community or church organizations offer special programs or volunteer projects for low-income elderly residents to modify bathrooms or install ramps.

 

  1. National organizations.

 

Some national organizations will offer housing assistance, especially if you fall under certain circumstances. Some of these include the American Cancer Society, National Muscular Dystrophy Association, National United Cerebral Palsy Association or the National Multiple Sclerosis Society. If you served in the military, you might qualify for an SAH grant.

 

  1. Bank Loan.

Some banks offer special loans for home modification, such as a second mortgage, a home equity loan or a reverse mortgage. Consult a financial professional before you go forward with any of these options.

There are many other resources out there to help you age safely in-home—these are just a few. If you’ve had success with a program not listed here, write it in the comment section below this blog or on our Facebook page!

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