Chair Lift Financing - Options to Think About
Also known as a stair lift, a chair lift offers increased mobility, comfort and ease of transportation between upstairs and downstairs
for seniors diagnosed with physical conditions that prevent stair climbing, those experiencing stability issues, or disease processes that leave individuals weak and unable to climb or descend stairs.
Understanding chair lift financing options may help families, religious organizations, and caregivers provide the best options for seniors.
Financing a chair lift or stair lift depends on the model chosen, where it's to be installed, and whether individuals install the chair lift themselves or hire a company to install the chair lift for them.
Unfortunately, Medicare nor Medicaid covers chair lifts, as they don't consider a stair lift a medical necessity. Medicare doesn't generally cover the costs of permanent equipment and considers a stair lift a convenience. However, financing may be offered through a variety of options, including:
The cost of a basic and straight staircase chair lift averages between $3,000 and $4,000, but can cost up to $15,000, depending on the design and height of a staircase configuration, as well as the specific amenities and models chosen.
Discuss possible payment plans and stair chair or chair lift financing with companies offering a variety of chair lifts. Some companies offer payment plans that may be extended from 90 days to six months to 12 months with no interest. Individuals may also choose fixed monthly payment plans, based on the total purchase price for up to 36 months.
Cost of a stair lift is also determined by:
In many cases, the cost of a chair lift as advertised will include installation fees, but consumers should also be aware that building permits or site inspections may be necessary prior to installation of the stair lift, which may also increase costs. Some banks offer seniors loans for financing these home modifications such as wheelchair lifts and chair lifts, widening doorways and installing wheelchair ramps. Seniors over 62 years of age may also consider a reverse mortgage to help pay for renovations or costs involved with disabilities.
The Area Agency on Aging may also be contacted for home modifications under the Older Americans Act Title III. To determine more information regarding stair lift funding from the Agency on Aging visit their website at Agency On Aging The Department of Housing and Community Development may also offer grants that help pay for home upgrades. Seniors can contact their Department of Housing or call the National Association of Housing and Redevelopment at 877-866-2476. Private health insurance or long-term care insurance may also help pay for limited home modifications, such as the installation of a chair lift, so seniors are advised to check with their local health or medical insurance agent regarding funding or reimbursement.
The Veterans Administration (VA) offers a few programs that help to pay for chair lifts. Access their website at Veterans Administration (VA) or call 187-7222-VETS for additional information.
State programs for the disabled and State Assistance Technology programs may offer a viable option for financing a chair lift. The state agencies also offer loans and grants, depending on need.
As a last resort, seniors and caregivers may enlist the help of family and friends to finance a stair lift. Individuals who choose to install the stair lift on their own may save a large amount of money on installation costs.
Chair lift financing may require a bit of diligence and know-how on the senior or caregiver's part, but information regarding financing can be obtained from local lenders and stair lift providers that will help lead consumers in the right direction for their financing needs.