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Financing an Electric Wheelchair of Mobility Scooter
Medicare
If you require a manual wheelchair or a mobility scooter to get around, Medicare can help cover the cost of these devices. According to the Guidelines of Medicare Part B plan, Medicare will cover 80% of the cost of wheelchair or scooter equipment once you have met your yearly deductible. Here is how to qualify for Medicare assistance:
- Your chair or scooter must be deemed medically necessary by a doctor
- Your doctor must properly document his or her recommendation with Medicare
- You must have a prescription for your mobility device
- You must work with a Medicare-approved supplier to purchase your chair or scooter
Banks and Dealerships
You might also consider contacting your bank to talk about taking out a traditional bank loan or a reverse mortgage to help finance the cost of your wheelchair or scooter. A reverse mortgage allows homeowners to turn the value of their home into cash. A HUD-approved housing counseling agency will be able to help you decide if a reverse mortgage is right for you.
Also, most mobility device dealers offer finance plans that can help split the cost of your device into affordable monthly payments. Be on the lookout for this option as you are shopping around.
Non-Profit Organizations
There are many local and national non-profit organizations that work to provide mobility equipment to those in need. They feature a variety of programs from recycling used wheelchairs and providing low interest loans to help finance equipment to donating new equipment. Here are some national organizations that may be able to help:
- Easter seals
- MS Society
- Muscular Dystrophy Association (MDA)
In addition, you can contact your local Area Agency on Aging and find out whether they use funds from the Older Americans Act Title III to help local seniors afford wheelchairs and mobility scooters. Find your local Area Agency on Aging by calling (800) 677-1116.
Other Government Resources
The Federal Housing Association (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 wheelchair or mobility scooter through a mortgage insurance program. Call your regional HUD office for more information. To find your local HUD office, click here or call (202) 708-1112.
Your wheelchair or scooter may actually qualify for tax deductions. Read IRS Publication 502 or call the IRS at (800) 829-3676 to find out if you qualify for such a tax deduction.
Depending on your disability needs, you might also want to consult with some of the following government offices:
- Bureau of Vocational Rehabilitation
- Bureau of Workers Compensation
- Department of Developmental Disabilities (DODD)
- The Veterans Administration
Private Health Insurance
Many people don’t know that some private health insurance or long term care insurance plans help pay for wheelchairs or mobility scooters. Call your health insurance provider to find out if you qualify for financial aid.