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Financing Your Vertical Platform Lift
Unfortunately, many people who would benefit from a vertical platform lift go without because of the misconception that most lifts are simply too expensive. The truth is that there are many resources available that can help you finance your lift and allow you to increase your mobility. Although Medicare does not cover the cost of vertical platform lifts, you may be able to receive assistance financing your lift through one of the following resources:
The Veteran's Administration can help US veterans pay for their vertical platform lifts. Call 1-877-222-VETS to find out if you qualify.
Your local Area Agency on Aging may use funds from the Older Americans Act Title III to help local seniors install vertical platform lifts. Find your local Area Agency on Aging by calling (800) 677-1116.
The FHA, which is part of the U.S. Department of Housing and Urban Development (HUD), can help you secure a loan to pay for your vertical platform lift through a mortgage insurance program. Call your regional HUD office for more information. To find your local HUD office, visit www.dtinational.org/training/hudinfo/hudoffices.asp or call (202) 708-1112.
Many banks and lending agencies offer loans to people who want to install a vertical platform lift. You might also want to look into a reverse mortgage, which allows homeowners to turn the value of their home into cash. A HUD-approved housing counseling agency can help you decide if a reverse mortgage is right choice for you and your financial needs.
Many people don’t know that some private health insurance or long term care insurance plans help pay for vertical platform lifts. Call your health insurance provider to find out if you qualify for financial aid before you purchase your vertical platform lift.
Internal Revenue Service
Your vertical platform lift may actually qualify for tax deductions. For example, you might be able to deduct the cost of installing your vertical platform lift if it increases your property’s resale value and has been prescribed as a medical necessity. Read IRS Publication 502 or call the IRS at (800) 829-3676 to find out if you qualify for such a tax deduction.
Contact one of our vertical platform lift experts to learn more about any of these vertical platform lift financing options.