How To Finance A Walk-In Bathtub
Financial assistance is available for walk-in bathtubs. The bathtubs aren’t cheap. Those who cannot afford them outright, payment options provide access to the bathtubs. Tub manufacturers offer financing options.
Financial Assistance From the US Department of Veterans Affairs (VA)
Military veterans can take advantage of financial assistance benefits. The Department of Veterans Affairs (VA) provides grants to help aging veterans. Veteran Directed Care (VDC) allows veterans to use flexible spending accounts to pay for a walk-in bathtub.
Disabled veterans have access to three grants. Also, disabilities do not have to be linked to military service.
Home Improvement and Structural Alteration (HISA) Grant
HISA grants provide financial assistance to disabled veterans suffering with mobility issues and who require walk-in bathtubs. A Veterans Affairs doctor’s prescription describing the diagnosis and medical reason for needing home modifications is required to qualify for the grant.
The disability doesn’t need to be related to military service. The maximum lifetime HISA benefit for veterans whose disability is not related to their military service as of 2019 is $2000. The limit for veterans whose disability is related to their service is $6,800.
You can apply for the HISA grant by downloading this form. The veteran is not required to own the property where the modification is being made.
Special Housing Adaptation (SHA) Grant
Also known as 2101(b) grants, SHAs are issued to veterans with service-related injuries. The grant money can be used to buy a modified home. To be eligible, veterans must have lost both hands, suffered from blindness, lost their coordination due to a burn, or suffered from respiratory injury.
The maximum SHA Grant is $17,130 as of 2019. For veterans living in a relative’s home temporarily, the grant is capped at $6,713. You should fill out VA form 26-4555 and submit it to your local VA Regional Loan Center to get financing assistance for a walk-in bathtub.
Specially Adapted Housing (SAH) Grant
SAH Grants, also known as 2101(a) Grants, are ideal for veterans looking to make their homes wheelchair accessible. Unlike the HISA grants, this option is available only to veterans whose disability is connected to their military service.
Since it’s limited to disabilities, older veterans might not be eligible for the grant. There’s no time limit, so veterans can apply for the grant if a disability related to their military worsens over time.
You can click here to find more details about the grant. As of 2019, the maximum SAH grant limit stands at $85,645. Veterans residing in a family member’s home temporarily are eligible for a Temporary Residence Adaptation (TRA) grant of up to $37,597.
Home Improvement Grants
If you’re wondering how to get a free walk-in tub, then you want to give home improvement grants a shot. These are government grants for walk-in tubs tailored for non-veterans.
You can check with the USDA Rural Repair and Rehabilitation program to know whether you qualify for their grant. Also known as the Section 504 Home Repair program, the grant could help you access financing for purchasing and installing a walk-in tub.
To qualify for the grant, the following requirements must be met:
- Be 62 years or older
- Own and reside in your home
- Live within the coverage area
- Earn below 50% of the medium income in your area
- Can’t access affordable financing options elsewhere
Other home improvement grants at the local level receive funding from national entities. The State Department of Housing and Urban Development and the Older Adult Home Modification Program (OAHMP) are perfect examples.
Medicaid
Medicaid programs for Home and Community-Based Services (HCBS) across various states. Medicaid, unlike Medicare, is more likely to offer to finance the purchase and installation of your walk-in bathtub.
Medicaid programs differ according to state. Before submitting an application, your local policies before making an application. To determine whether you qualify for financing, check your state’s Medicaid waivers. Illinois, for instance, has Medicaid programs that cover durable medical equipment or home modifications.
Discounts From the Manufacturer
Besides giving you multiple financing options, walk-in tub manufacturers like Kohler or American Standard offer sale discounts. Most manufacturers help eligible veterans get financial assistance from the VA. It’s best to consider walk-in tub manufacturers with incentives or rebates that you might qualify for.
Nonprofit Entities
Nonprofits are a credible option for the financial assistance of purchasing and installing a walk-in tub. Some organizations issue grants to applicants, while others assist in purchasing a walk-in tub. These nonprofits work with professionals in the construction industry to offer loans with little to no interest.
If you don’t qualify for Medicaid, you can get financing from nonprofits like Habitat for Humanity and Rebuilding Together. Rebuilding Together will help you with installation, but you’ll have to purchase the tub independently.
Reverse Mortgage for Seniors
A reverse mortgage is a loan for homeowners aged 62 or older. It allows the senior citizen to convert a part of their home’s equity into cash. It’s essential to read the fine print carefully before applying for a reverse mortgage.
To qualify for a reverse mortgage, you must not be delinquent, own your home or have a low mortgage balance, and reside in the home. Reverse mortgages are ideal for home improvements such as buying and installing a bariatric walk-in tub.
Alternative Financing Options for Walk-In Tubs
You could use other methods to obtain financial assistance when buying a walk-in tub. These alternative financing options might not apply to everyone.
Payment Plans
You can take a personal loan to finance a new walk-in tub and pay it in flexible installments. Some walk-in manufacturers like American Standard, Kohler, and Safe Step offer suitable financing options.
Kohler offers financing where the first payment isn’t due until 18 months after purchasing the walk-in tub. Safe Step offers installation deals.
Personal Insurance
While private insurance companies cover the cost of a walk-in tub, most will require you to have a doctor’s prescription. There are tubs with hydrotherapy and chromotherapy features.
Your personal insurance may cover the cost of a walk-in tub with luxury options. Most private insurance companies might ask you to try cheaper alternatives such as a bariatric tub, rolling shower chair, or a walk-in shower.
Will Medicare Pay for a Walk-In Tub?
Medicare doesn’t cover the cost of a walk-in tub nor helps with the installation. It doesn’t consider a walk-in bathtub as medical equipment. However, support is available through reimbursement instead of financial support to purchase the tub. Medicare will need to determine if the walk-in tub is a medical necessity as prescribed by a medical doctor.
A medical diagnosis is required. However, financial assistance isn’t guaranteed. Medicare Advantage might be your last resort. The Centers for Medicare and Medicaid Services (CMS) announced the Advantage plans would come in and health-related supplemental benefits.
Walk-In Tub Financing: Final Thoughts
Financing options vary according to your condition. Kohler or American Standard are willing to help you find the best payment option available. When applying for financing, read the terms and conditions before signing your loan contract.