Whether you need a cane, wheelchair, standing recliner, or a hospital bed, medical devices for the elderly and disabled are expensive. Acquiring the things you need to enhance your well-being and quality of life can set you back hundreds, if not thousands of dollars. Fortunately, there are avenues you can take to reduce or eliminate your financial burden. If you need medical devices but can’t afford them, here are some practical solutions to consider.
Insurance Coverage
Before paying for any medical devices out of pocket, turn to your health insurance policy. Health insurance often covers all or a portion of medical devices if they’re proven necessary for your quality of life or improved health. Ask your doctor to submit a prescription for the device to your insurance company. They’ll review the information and determine how much to cover.
Shop Around
Where you purchase your medical devices can have a significant impact on how much it costs. Before filling your prescription, shop around for a medical supplier with affordable products. If they have reasonable rates and accept your health insurance, you may have enough to cover your medical devices’ costs. Online vendors tend to have the most extensive supplies and affordable rates, so it’s best to start your search on the internet.
Government Programs
Depending on where you live, federal and local programs are available to assist seniors and people with disabilities in acquiring medical devices. Although you’ll have to meet specific income requirements, it can be a huge lifesaver if you’re approved. You can receive a stipend or voucher to obtain your medical devices for free or at a discounted rate.
Personal Savings
Do you have a rainy day fund or retirement account? If so, you can dip into these accounts to cover the cost of your medical devices. If you decide to go this route, just ensure you have a plan to replenish the accounts in the shortest amount of time possible. You never know when something else could come up that requires a large sum of cash. Not to mention, failure to repay your retirement account could result in tax penalties and fees.
Borrow From Your Whole Life Insurance
If you know anything about term life insurance vs whole life, you know that you can borrow on the cash value of a whole life insurance policy. If you’ve been paying towards your policy for years, you may be eligible for a short-term loan. Again, you must have a repayment plan in place when borrowing on an insurance policy. If you should pass away before repaying the loan, it reduces the amount your beneficiaries receive.
Traditional Loans
If you have reasonably good credit, income, and assets like a home or car for collateral, you may be able to qualify for a traditional loan. Visit your local bank or apply through a private lender online to see if you’re eligible for a personal loan. You could get anywhere from a few hundred to several thousand dollars towards your medical equipment. The loan will provide you with the extended time you need to pay the balance off within your budget.
Earn Additional Income
Getting that new wheelchair, mattress, or other medical devices may require you to develop a second income source. The good news is there are plenty of ways to make money without overextending yourself physically. You can start a blog, sell products, or advertise professional services. The money you earn can go towards paying down the remaining balance on your medical devices.
When you suffer from a medical condition or disability that requires the assistance of medical devices, affording them is often a challenge. Since you need these supplies and equipment to sustain a decent quality of life, you can’t avoid spending hundreds and even thousands of dollars. Fortunately, you’re not alone. Lots of senior citizens and people with disabilities struggle in this arena. By using practical solutions like those listed above, you can lower or even eliminate your financial burden and secure the medical devices you need.
