Let’s face it; home modifications are not cheap. Although there are some resources available in Maryland that will help fund some home modifications, qualifications can be complicated. Here are some funding options for home modifications for the aging and disabled in Maryland:
Financial Assistance Programs
In Maryland, there are financial assistance programs that will help pay for home modifications. However, they are primarily designated for veterans (through the VA), extremely low-income individuals (through the Area Agency on Aging), or vocational rehabilitation programs (through Maryland’s Department of Vocational Rehabilitation). Even if any of these things apply to you, there’s still no guarantee that you will receive the financial assistance you want to modify the home. That is because you also need to be fortunate enough to be selected out of a pool of other applicants who have applied for the same limited funds.
Tax-deductions are another way to get funding for home modifications. The IRS allows households to deduct some equipment and accessible home modifications as medical equipment. However, You may only be able to do this if you’re paying for these medical expenses out of your own personal savings account, and if the modifications alone, or combined with other reimbursed medical expenses, exceed a set percentage of your adjusted income for the year.
There are types of modifications that the IRS won’t recognize as a medical expense, so be sure to talk to your tax advisor to learn what credits you are eligible to receive before modifying the home.
Whether you have Medicare, Medicaid, or private insurance, you may be able to receive funding for home modifications. Medicaid has a waiver program and may reimburse you for home modifications. If you have Medicare Advantage, they have the option of having home modifications as a supplemental benefit. Lastly, some private insurance providers will cover some of the costs for medical equipment and home modifications.
When it comes to insurance and funding for home modifications, it varies based on individual cases. Be sure to talk to your insurance provider for more details about coverage and qualifications.
Another thing you can do to fund home modifications is to take out a low-interest loan. Financial institutions have been willing to offer low-interest loans to seniors and individuals with disabilities. Contact your financial institution to find out what options are available to you.
Affordable Home Modifications
Here at Freedom Mobility, we try our best to make our home modifications and mobility equipment as affordable as possible. We always go out of our way to guide our customers to the best available resources to fund their home modification and mobility equipment needs. If you have any questions, please contact us, and we’ll be happy to assist you as best we can.