Category: Funding Home Accessibility

Saving for a Rainy Day: Mobility Ramp Financing Options

ramp financing options

They say April showers bring May flowers so in April we are focusing on the issue of saving for a rainy day.   We know that many of you need better home accessibility, but don’t have the budget to cover it.  In fact, Disabled World reported that about half of all American wheelchair users must navigate steps just to get in and out of their home each day.  This is why our team at EZ-ACCESS has come up with a large variety of ramp funding options.

Visit our Funding Sources page and read on to get an overview of funding options that may work for you:

Private Organizations

Private organizations are a great place to start when you’re looking for home accessibility funding.  Depending on your diagnoses, you could look into the National United Cerebral Palsy Association, the American Cancer Society, the National Multiple Sclerosis Society, the National Muscular Dystrophy Association and more.

Local Programs

Local communities also offer great funding for home accessibility.  Check with your local government, church or community organization to see if they offer a special home program or volunteer project for local low income families.

Bank Funding

If you have a great relationship with your local bank, you may want to explore options in a second mortgage, home equity loan or reverse mortgage.  Simply, contact your bank and weigh your options.

Insurance

We realize Medicare doesn’t typically cover mobility ramps.  However, some private insurance plans do cover home accessibility products and home modification.  Contact your insurance agent to check into this.

Tax Deductible

One final area to look into is tax deductions.  As a homeowner, you can take advantage of tax deductions for certain home modifications as capital expenses with the main purpose of medical care for you, your spouse or your dependent.  Read more about tax-deductible accessible home modifications.

Do you have any suggestions for ramp funding programs that you’d like us to add to our Funding Sources page?  We’d love to hear your suggestions!  Share funding ideas on the EZ-ACCESS Facebook page or submit your ideas through our contact us page today.

 

5 Great Options for Funding Home Accessibility Modifications

 
funding home accessibility
Are you struggling with the fact that you now need home accessibility modifications, but can’t decide how to pay for them?  At EZ-ACCESS, we have developed a database of funding resources to help our customers determine funding.  Here are a few great options for funding home accessibility modifications and products:
Banks Funding Home Accessibility
If you are an eligible customer, you may want to contact your local banks to arrange for a second mortgage, home equity loan or reverse mortgage.  A reverse mortgage is only available to homeowners age 62 or older and allows the homeowner to convert part of their equity in their home into cash.
Insurance Funding Home Accessibility
When it comes to Medicare, certain patients are able to receive coverage for accessible showers and lifts, but mobility ramps are typically not covered by Medicare.  Some private insurance plans cover home accessibility products and modifications, but the best way to determine coverage is to ask for assistance from your hospital’s social service department.  We also recommend looking into your work benefits to see if you can use your HSA or cafeteria plan to cover home accessibility expenses.
Local Programs Funding Home Accessibility
We also encourage our customers to investigate what programs are available through their local government, local churches and community organizations.  Some communities offer special housing programs or volunteer projects for low income families or elderly individuals that could include ramp installation or modifications to their kitchen or bathroom.
Tax Deductible Home Accessibility
For certain home modifications, homeowners can take advantage of tax deductions.  These deductions are considered capital expenses and include “special equipment installed in a home, or for improvements, if their main purpose is medical care for you, your spouse, or your dependent.”  Check out page 6 of the Medical and Dental Expenses publication for a list of tax-deductible accessible home modifications.
Private Organization Funding Home Accessibility
Another area to look for funding your home accessibility modifications and products is private organizations.  Depending on your unique situation, we recommend contacting one of the following organizations: National Muscular Dystrophy Association, American Cancer Society, National Multiple Sclerosis Society or the National United Cerebral Palsy Association.
These are just a few of the resources available out there for funding home accessibility modifications or products.  What are some of the great programs you have seen work for accessibility funding?