Where the heart is: How to pay for home changes h1>
By Michelle Seitzer for austin.101Mobility.com
Aging in place (AIP) costs considerably fewer dollars than assisted living places , but it’s not free.
Though funds are dwindling for many senior-related opportunities (Medicare, Medicaid and Social Security have all spent plenty of time on the chopping block lately), there are still a number of federal, state, local and private places that offer financial help to seniors who want to stay where their heart is.
To begin – because you might need to present the idea to skeptical family members and/or friends , or just figure out what modifications are needed before getting the funds to do it – get to know what services and resources are offered in your area via these helpful sites:
• Search for home repair and modification plans in your region at Eldercare.gov.
• HomeMods.org is a national information clearinghouse on all things related to home remodeling . Professionals and consumers alike can study an extensive help directory on the site.
• Not sure if your residence or your loved one’s esidence is adaptable for AIP? Most are, but the WellCome Home site helps you clearly look at the potential and know where to direct your energies and efforts when it’s time to transform the living areas .
• Download this Home Safety Checklist from Rebuilding Together, Inc. to remove fall hazards and consider accessibility issues, many of which may be implemented without spending any money .
Should the need stick out for assistive equipment (such as power chairs or stair lifts) or home modifications (like wheelchair ramps, bathrooms, auto lifts or door-opening systems), here are a few ideas to ease the burden of purchasing or installing these sometimes expensive components.
Claim a deduction.
Russell Glickman, a DC-based home design and remodeling expert, indicates conferring with a Certified Public Accountant (CPA) to find out whether you or a parent is eligible to deduct the expense of home modifications on your federal income tax return . You need a written recommendation from your doctor as proof that the modifications are medically necessary . Glickman also offers that you can claim a deduction for the costs of operating and maintaining the modifications , whether or not the stair lift, ramp, or other equipment qualified as a medical expense. Some of the home improvements (or capital expenses) that may be deducted per the IRS.gov are as follows:
• Constructing entrance or exit ramps for your place of residence .
• Widening doorways at entrances or exits to your place of residence .
• Widening or otherwise modifying hallways and interior door openigs .
• Constructing ailings, support bars, or other modifications to showers .
• Raising or modifying kitchen cabinets, bathroom cabinets and equipment.
• Moving or modifying electrical outlets and fixtures.
• Installing porch lifts and other forms of lifts (but elevators generally add value to the house).
• Modifying fire alarms, smoke detectors, and other warning systems.
• Modifying stairways.
• Adding handrails or grab bars anywhere (whether or not in bathrooms).
• Adding hardware on doors.
• Adding areas in front of entrance and exit doors .
• Grading areas to provide access to the place of residence .
(Note: You can only itemize these deductions if the main purpose of installation is medical care for you, a spouse or dependent (construction made for aesthetic, architectural or other personal reasons do not qualify). Permanent improvements that boost your property’s value may be partially included as a deduction; in these cases , the cost of the home improvements is reduced by the amount of the property value increase (whatever the difference is what your qualified medical expense to deduct will be).
If the home improvements do not increase your property value, you can deduct the whole cost as a medical expense.)
Visit the Area Agency on Aging.
Every state offers different incentives, programs and benefits to their senior residents. The best way to study about them all, in addition to any tax credits or federal help available through Medicare, Medicaid (in some states, you may be able to qualify for funding through the Medicaid HCBS – home and community-based services – waiver), HUD, the VA, or the USDA that would be sent through the state, is at your local Area Agency on Aging. The AAA is a one-stop-shop neighborhood branch of your state’s department that handles senior care (i.e. Department of Aging, Department of Public Welfare, etc.). Go to Eldercare.gov or N4A.org to start your search to find your AAA by zip code, city or county.
Search for grants or take advantage of state assistive technology projects to make your home wheelchair accessible. According to HomeMods.org, money is available for these specific improvements through the Department of Veteran Affairs (call 800-827-1000 or your local VA for more details) and with help from the United Cerebral Palsy Association (call 800-872-5827).
The IRS also permits people who have disabilities to claim most of these expenses as a tax deduction. Check in with the National Council on Independent Living Center (call 703-525-3406) to get local funding support and referral services.
Get a loan to add a room.
If Mom is moving in with health needs or disabilities, you may be eligible for government funding. FannieMae offers the HomeChoice program, Home Keeper program, and the Home Equity Conversion Mortgage (get more details at http://www.efanniemae.com, or visit the local office).
In Texas, New Mexico, California and Illinois, residents can apply for a Home Modifications Loan for Homeowners (with fixed interest rates and low minimum loan amounts) through ank of America, under the “Access Loans” category. For more information, call 800-843-2632 (in CA, IL) or 800-900-9000 (in TX , {New Mexico | NM).
Contact local foundations and non-profit organizations.
Some of these places may offer financial assistance or services referrals for those providing care for someone with disabilities or diseases like Alzheimer’s, multiple sclerosis, or rheumatoid arthritis. Easter Seals and Rebuilding Together both offer low- or no-cost community-based home modification and repair programs.
Take out a another or reverse mortgage. If you have the equity, this is a good way to secure a loan for a home modification, which, if done well , should add value to the home as more people will be going after homes where aging in place is possible . You must be over 62 to secure funding through a reverse mortgage.
Take a look at your insurance policies and healthcare plans. The National Association of Home Builders says that some programs – auto insurance, worker’s compensation, long term care policies (some will cover the cost of major modifications in lieu of a transition to a long-term care facility), state catastrophic accident insurance plans, and medical trust funds – might cover the costs of a home modification .
If you have a Medicare Advantage Plan, check with your care manager to determine if some home modification costs may be covered in the plan (note: those that do generally require participation in a care management program).
Move your loved ones in.wheelchair ramps austin
If you have decided it’s a good idea for Mom and Dad to just move in with you so you can provide care more readily, Glickman says you may be able to use proceeds from the sale of their place of residence to make an accessible space at your residence . He adds that adult children can avail themselves of the space in the future also , as their own care requirements change.
Ready to consider a home modification for a family member’s residence, or your own?
101 Mobility of Austin ( available areas from Austin to Waco – and every place in between) has a full line of products (stairlifts, auto lifts, ramps, and more) and a team of highly-trained professional installers standing by to get qualifying construction underway. Get started today at their website www.101mobility.com/austincedar park tx chair lift, or by calling the owner: Debra at 512-829-1101. And don’t forget – FREE in-home evaluations available!
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