3 Financial Benefits of Having an In-Home Elevator

Modern technology has made it much more convenient to manage our day-to-day lives. We can travel without struggling with maps, see a doctor from our favorite recliner, and operate appliances with only our voice. While everyone has noticed the shift in normalcy, this is especially true for those with limited mobility or certain medical conditions. There are many options available to help improve the quality of life. One possibility for those who live in multi-story homes is to install an in-home elevator. As you probably know, in-home elevators can be expensive. However, it could be worth the cost in the long-run. Here are three financial benefits of this investment for you to consider.

1- Safer Environment

When thinking of ways to make your home safer, elevators don’t usually make the list. Most people only think of wheelchair ramps and safety bars. Yet, trips and falls account for more than 95% of hip fractures among senior citizens in the United States. This injury can occur from something as simple as a misplaced rug. The average hip replacement surgery costs more than $30,000. Even with the benefit of insurance, you could still owe thousands of dollars in out-of-pocket expenses, including deductibles and physical therapy. Investing in an in-home elevator could significantly lower the risk and prevent lengthy hospital stays.

2- Home Health Care

While falls are the most common injury associated with seniors and those with disabilities, there are many medical conditions that could, ultimately, lead to accidents. Vision problems, the use of certain medications, and vitamin deficiencies are all risk factors that contribute to other injuries. These underlying conditions often result in an increase in your standards of care. Rehabilitation and nursing facilities can be extremely expensive. Even those who are able to travel back and forth for therapy are putting themselves at a greater risk for complications and injuries. An in-home elevator will make it easier to receive some of this care within the comforts of home. This means a nurse, therapist, and/or home health aide can come to you. They can transfer patients between floors without much difficulty and monitor their health in any room.

3- Independence

An in-home elevator can also provide people with peace of mind. On the surface, this may not seem like a financial benefit. However, limited mobility and chronic medical conditions have a significant effect on patients’ mental and emotional well-being. The restrictions and isolation often lead to depression. In many ways, this is even more valuable than the money saved on accidents and medical emergencies. You can enjoy your home without limitations. Be included in family gatherings without feeling like you are a burden to others. Family members can also go to work without stressing about the well-being of their loved ones with mobility issues. With the right accommodations, spouses and loved ones are often eligible for part-time respite care. Respite care provides temporary relief for primary caregivers, who still have other responsibilities to maintain.

As the saying goes, “home is where the heart is.” After years of preparing for retirement, it makes sense that you would want to enjoy the privacy of your own home for as long as possible. If this is a priority for you, then investing in certain accommodations and renovations, such as an in-home elevator may be worth it. Before making any decisions, however, it is important to have a discussion with your doctor. Your doctor can determine exactly what your needs are, and whether this should be a concern. You should also have a conversation with your family. Together, you can come up with a plan that takes everyone’s needs into consideration.