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 homes , but it’s not free.
Though money sources are dwindling for many senior-related programs (Medicare, Medicaid and Social Security have all spent ample time on the chopping block lately), there are still several federal, state, local and private companies that offer financial support to seniors who want to stay where their heart is.
First – because you might need to sell the idea to skeptical family members , or just figure out what changes are needed before getting the money 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 requirements 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 review an extensive help directory on the site.
• Not sure if your own home or a senior loved one’s esidence is adaptable for AIP? Most are, but the WellCome Home site helps you clearly monitor the potential and know where to direct your energies and efforts when it’s time to transform the home .
• Download this Home Safety Checklist from Rebuilding Together, Inc. to remove fall hazards and resolve accessibility issues, many of which may be implemented without spending a dime .
Should the need come up 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 ways to ease the burden of purchasing or installing these money-grubbing 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 loved one is eligible to deduct the expenditure of home modifications on your federal income tax reporting . You need a written recommendation from your doctor as proof that the changes are medically required . Glickman also offers that you can claim a deduction for the costs of operating and maintaining the changes , 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:
• Building entrance or exit ramps for your residence .
• Widening doorways at entrances or exits to your residence .
• Widening or otherwise modifying hallways and interior doorways .
• Installing ailings, support bars, or other modifications to bath tubs .
• Lowering or modifying kitchen cabinets, bathroom cabinets and equipment.
• Moving or modifying electrical outlets and fixtures.
• Constructing porch lifts and other forms of lifts (but elevators generally add value to the house).
• Changing fire alarms, smoke detectors, and other warning systems.
• Changing stairways.
• Modifying handrails or grab bars anywhere (whether or not in bathrooms).
• Modifying hardware on doors.
• Modifying areas in front of entrance and exit doors .
• Grading the ground to provide access to the residence .
(Note: You can only itemize these deductions if the main purpose of changes 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 this case , 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 total cost as a medical expense.)
Visit the Area Agency on Aging.
Every state offers different incentives, programs and benefits to their senior residents. A good way to learn about them all, in addition to any tax credits or federal monies 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 find your AAA by zip code, city or county.
Look 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 through the United Cerebral Palsy Association (call 800-872-5827).
The IRS also permits those with disabilities to claim some or all 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 information 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) via 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 changes 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 correctly , should add value to the home as more people will be looking for homes where aging in place is apparant . You must be over 62 to secure funding through a reverse mortgage.
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 see 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 is possible 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 home to make an accessible living area at your place of residence . He adds that adult children can avail themselves of the space in the future also , as their own care needs 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 age-in-place construction underway. Learn more about their services 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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