Many types of medical equipment are not covered by insurance and therefore become out-of-pocket expenditures. There are programs available to help fund these purchases for eligible individuals. A few funding options include:
PUBLIC FINANCING AND GRANTS
- Online financing company
- Offer 0% financing for up to 15 months
- Apply through their website https://www.sharpefinance.com, choose consumer application
- Takes a day or so for qualified applicants to be approved
- Notice will be emailed to applicant
- Customer Service Representative may call if application needs more clarification.
- Online leasing company
- Lease with the option to buy
- Minimum of $1,500 up to 36 months
- Includes a financing fee
- Apply through their website https://www.sharpelease.com, choose consumer application
- Customer will be sent an installment agreement to sign.
- Take several days for qualified applicants to be approved
Spring Leaf Financial
- Personal installment loan
- Application can be faxed to 254-1625, OR customer can give information over the phone when they call 254-1620 (Dorsey Plaza Branch)
- Takes ½ -1 hour for qualified applicants to be approved
- Website https://www.springleaffinancial.com
Local Banks & Lenders
- Some offer loans to finance home modification projects
- Some offer home equity loans, installment loans or reverse mortgage loans
- For free counseling on reverse mortgages contact a HUD approved housing counseling agency. Call (800) 569-4287 for a referral.
PUBLIC FINANCING AND GRANTS
Kentucky Assistive Technology Loan Corporation, KATLC
- Low Interest Loans
- For those needing any type of equipment or home modification that will improve the quality of life or increase independence.
- Kentucky residents only
- Call 877-675-0195 for application
- Website http://www.katlc.ky.gov
Rural Repair and Rehabilitation Loans and Grants
- For very, very low-income homeowners
- Loans and grants to repair, improve, or modernize a dwelling or to remove health and safety hazards.
- Loans up to $20,000, Grants up to $7,500
- Up to 20 years at 1% interest
- Website http://www.rurdev.usda.gov/HAD-RR_Loans_Grants.html
- Kentucky office call (859) 224-7300, website http://www.rurdev.usda.gov/ky
Federal Housing Administration (FHA)
- Two loan guarantee programs, Title 1 and 203K, can be used for acquisition or rehabilitation
- Can provide direct loans below market interest rates, higher than normal debt ratio, extended terms, low down payments, or financed closing costs.
- Can loan up to 80% of the repaired value of the home
- Useful for making accessibility improvements in a home
- Call 800-225-5342 for more FHA program detailshttp://www.hud.gov/ll/code/llplcrit.html
Title III of the Older Americans Act
- These funds for home modification and repairs are distributed by your local Area Agency on Aging (AAA)
- Call the Eldercare Locator 800-677-1116
- Eldercare Locator http://www.eldercare.gov
Department for Aging and Independent Living (DAIL)
- Provides leadership and addresses issues and circumstances that stand in the way of elders and individuals with disabilities achieving the best possible quality of life.)
- KIPDA –Serves Bullitt, Henry, Jefferson, Oldham, Shelby, Spencer, and Trimble counties in Kentucky
- Find the agency list http://chfs.ky.gov/dail/kipda.html
- To contact KIPDA call (502) 266-6084
Hart-Supported Living Grant
- For Kentuckians with disabilities
- Funds must be used to keep the disabled in their home and to avoid institutionalization
- Website http://chfs.ky.gov/dail/HartSupportedLiving.html
- Provides transition assistance and community support to any resident of a nursing facility or ICF/MR who chooses to move back to the community.
- Website http://chfs.ky.gov/dms/mfp.html
- MFP Supplemental Services – include Housing Modifications (up to $15,000 or 10% of the value of the property
VA – HOME MODIFICATION GRANTS
Home Improvements and Structural Alterations (HISA)
- For service connected veterans and non-service connected veterans registered in the VA health care system.
- Assistance for any home improvement necessary for the continuation of treatment or for disability access to home and essential lavatory and sanitary facilities
- May be combined with an SHA or SAH grant
- Benefits up to $6,800 to service connected veterans
- Benefits up to $2,000 to non-service connected veterans
- For more information go to http://www.prosthetics.va.gov/HISA2.asp
Specialty Adaptive Housing (SAH)
- Often called the Paraplegic Housing Benefit
- For veterans and service members with service-connected loss of use of extremities, loss of vision, severe burns or severe respiratory injuries
- Grant for constructing or modifying a home to meet adaptive needs – to provide a barrier-free living environment
- Generally used to provide mobility through an existing home by making changes or additions like ramps, remodeling a bathroom for accessibility and making a garage or carport accessible
- Current limit is $63,780
- For more information go to http://www.benefits.va.gov/WARMS/M26_12.asp chapter one or http://www.benefits.va.gov/homeloans/adaptedhousing.asp
Special Home Adaptation (SHA)
- Often called the Adaptive Housing Benefit
- For veterans and service members with specific service-connected loss of vision, use of both hands, severe burns or severe respiratory injuries
- Grant for modifying an existing home the Veteran’s or family member already owns or intends to purchase to meet adaptive needs or help a Veteran purchase an existing adapted home – to provide a barrier-free living environment
- Current limit is $12,756
- For more information go to http://www.benefits.va.gov/WARMS/M26_12.aspchapter one orhttp://www.benefits.va.gov/homeloans/adaptedhousing.asp
OTHER HELPFUL FINANCIAL PROGRAMS AND SERVICES
Some special equipment installed in a home, or for improvements, if their main purpose is medical care for you, your spouse, or your dependent may be tax deductible under Health Coverage Tax Credit. Consult a tax professional, order a free copy of IRS Publication 502 for more information, contact the IRS at (800)829-3676, OR visithttp://www.irs.gov/pub/irs-pdf/p502.pdf.
MyMoney.gov is the U.S. government's website dedicated to teaching all Americans the basics about financial education. Whether you are buying a home, balancing your checkbook, or investing in your 401(k), the resources on MyMoney.gov can help you maximize your financial decisions. Throughout the site, you will find important information from 20 Federal agencies and Bureaus designed to help you make smart financial choices. Visithttp://www,mymoney.gov
There is a government website that will find government benefits which you may be eligible to receive. Benefits.gov is a partnership of Federal agencies designed to provide improved, personalized access to government assistance programs. Visit http://www.benefits.gov
TheeBenefitsportal is a Veterans Administration and Department of Defense one-stop shop for benefits-related online tools and information. The portal is designed for Wounded Warriors, Veterans, Service members, their families, and those who care for them. You can also get information from the National Hotline for VA benefits at 1-800-827-1000.
Many cities and towns use Community Development Block Grants (CDBG) to help maintain and upgrade homes. CDBG programs are funded by the Us Department of Housing and Urban Development (HUD). Go to http://kydlgweb.ky.gov/ for more information on Kentucky CDBG.
Kentucky Housing Corporation (KHC) is a state housing finance agency. One of the many programs KHC offers is a housing rehabilitation and home repair initiative. KHC works with many partners including lenders, government agencies, nonprofit housing providers, builders, real estate agents, community organizations and developers to create affordable housing opportunities. KHC is located at 1231 Louisville Rd, Frankfort, KY 40601, (502) 564-7630. For more information go to http://www.kyhousing.org/page.aspx?id=170
Assistive Technology (AT) Act Programs enable people with disabilities to borrow and try out different types of AT devices for a limited time period. Device Loans of AT are provided through the regional ATRCs and through a Transition AT Demo/Loan lab at Kentucky Assistive Technology Service (KATS). The ATRCs each conduct device loan programs enabling consumers to borrow AT devices for 30-day trial periods. Extended loans may be provided depending on the availability of equipment. The focus of the KATS Transition AT Demo/Loan Lab is to provide specialized demo and device loan activities for transition from secondary to postsecondary education or work, transition from institutional care to community-based care, and/or including deaf/blind. KATS is located at the Charles McDowell Center, 8412 Westport road,. Louisville, KY, 40242, (800) 327-5287. For more information go to http://resnaprojects.org/scripts/statewidecontacts.pl?State=ky&Program_type=Statewide
*Gould’s does not endorse or qualify any of the above providers.