Aging is expensive! But unlike other cost-prohibitive expenses, it’s something we can’t avoid. While we can do our best to take good care of ourselves, sometimes age-related health conditions require medical intervention and lifestyle adjustments. At ADL, we want to help you live a full life as you age, which means multiple options for paying for your stairlift.
For many clients, a stairlift is the key to staying in their homes while avoiding injury. So paying for your stairlift shouldn’t be possible only for those who have cash on hand. Here are some of the ways we make it easier to pay for your stairlift.
Refurbished Stairlifts
While you can find stairlifts online for prices in the two thousand range, you can’t always guarantee quality, and their price doesn’t include installation. When purchasing a stairlift, it’s vital to find a company that will install it correctly and safely.
But equipment doesn’t have to be brand new to be in excellent condition. ADL refurbishes stairlifts and guarantees their quality and function. We offer several models of refurbished stairlifts to suit your budget.
Stairlift Rentals
Sometimes, people need stairlifts only for a limited time. Whether you are recovering from surgery or injuries, are amid a stair remodel, or have relatives staying in your home for an extended (but temporary) period for rehabilitation, you may already have an end date for your stairlift’s residence in mind.
If your stairlift won’t be a permanent fixture in your home, you may wonder if you should shell out the cash to buy one. But we don’t want you to skimp on your recovery and risk reinjuring yourself to save a little money!
That’s why ADL offers stairlift rentals. Renting a stairlift is the perfect way to avoid spending a large amount of money upfront. And it has the extra benefit of allowing you to pay for your stairlift for as long as you need it. Ask us about our stairlift rental options.
Tax Deductions
If you choose to buy your stairlift, there are many ways that you can use it to reduce your tax liability. With the twin caveats that 1) we’re stairlift professionals, not accountants, and 2) every situation is different, we encourage you to read about some of the common ways you can reduce your taxes with your stairlift (but still talk to an accountant).
Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements
Flexible Spending Accounts (also known as flexible spending arrangements) and Health Reimbursement arrangements are benefits provided by some employers.
FSAs allow employees to set aside money for certain health expenses, and sometimes employers also contribute to the fund.
You do not pay taxes on money you spend from an FSA. Currently, the limit to FSA contributions is $3,050 per year.
Health Reimbursement Accounts are funded entirely by employers. Any money from it you spend on qualified medical expenses is tax deductible.
Stairlifts are eligible expenses for both HRAs and FSAs.
Health Savings Accounts
Health Savings Accounts are similar to FSAs but are established for individuals. Generally, you need a high-deductible insurance plan to take advantage of an HSA.
Like FSAs, the money you spend from an HSA is untaxed. Unlike FSAs, there is no limit to the amount of money you roll over from one year to another, and the amount you can spend is higher (currently 4,150 for an individual plan and $8,300 for a family plan.)
Because stairlifts are an eligible expense, using your HSA to purchase one can limit your tax liability, making paying for your stairlift easier.
Remember to Always Get a Home Evaluation Before Paying for Your Stairlift
While we hope our advice has given you some good ideas for paying for your stairlift, always get a home evaluation before purchasing! Just because something looks like a good deal doesn’t mean it will work well for you. So, talk to a caring stairlift professional like ADL before purchasing.