Can You Afford a Walk-In Bathtub on a Fixed Income?

Walk-in bathtubs are designed to make independent bathing safer and more accessible for senior citizens. But they can cost several thousand dollars, and most senior citizens are on a fixed income after retirement, making it hard to work large purchases into their budgets. If you’re struggling with getting in and out of your own tub and could benefit from a walk-in bathtub, but you’re on a fixed income, here are a few options to consider.

Look into Insurance Options

Unfortunately, most kinds of insurance won’t typically pay for a walk-in tub. This includes Medicare and Medicaid. However, there are some instances in which you may be able to have a portion of your tub paid for by these programs, so it’s crucial that you at least look into the option to help pay for the cost of your tub. In most cases, if you happen to be approved, Medicare and Medicaid will reimburse you a part of the expense. So this does mean that you’ll need to find upfront funding for your tub still.

Options for Veterans

If you’re a veteran, the VA offers a few different programs to help pay for the tub’s cost. A few of these are reimbursement options, such as an increased VA pension benefit, while others are grants or allowances for accessibility upgrades. Speak to a VA representative about your options for offsetting the cost of your tub.

Manufacturer Financing

While you’re shopping around for your walk-in tub, see which sellers offer reasonable financing plans. These plans should make your tub more affordable but shouldn’t be loaded with extra fees and excessive interest rates. Make sure to research any financing programs offered to you very thoroughly so you don’t end up making your tub harder to afford.

Seller’s Rebates

Often, sellers will offer rebates on big-ticket items. Again, while this can help you save money on your tub, it requires you to find the funds upfront. If you’re planning to use a rebate from the seller, be sure to ask how long it usually takes to get the rebate funds sent to you. This can help you to manage your finances better until you have that money returned to your accounts.

Draw Down Accounts

If you’re collecting regular distributions from your retirement accounts, but you can take a one-time larger distribution, this can be a great way to pay for your tub without overexerting yourself financially. Of course, it’s still a good idea to consider some of the options above to reduce the tub’s overall price, but drawing on your retirement accounts can help you avoid interest associated with loans, financing, and credit card debt.

If you struggle with mobility and want to regain your independence while bathing, a walk-in bathtub is a must. Look into all of your options to help reduce the overall cost and make it more affordable for you.