Elevator in Home: FSA Eligibility
For improvements related to a medical condition and only the amount in excess of increased value to property.
What is an elevator in the home?
An elevator in the home can be medically necessary in the case of individuals desiring an independent life but facing mobility issues due to age or physical disability. Home elevators are practical additions to the home which can increase its value, and the only reimbursable expenses are those which exceed the amount of value added to the home.
Home elevators enhance accessibility and also allow individuals to move heavy loads between floors. This is often the most appealing aspect of a home elevator. Elevators allow individuals to move quickly and effortlessly between floors of their home, and can carry large amounts of weight, allowing the individual to perform chores and tasks that would otherwise require outside assistance (Disabled World).
Home elevators are usually customizable and can be selected with a variety of options depending on the vendor and configuration of the home in which the elevator will be installed. There are several different mechanical types of home elevator with various advantages and disadvantages, including cost.
Elevators also require inspection, usually every six to twelve months, and routine maintenance and repair. In terms of size, home elevators are about the size of a walk-in closet. Home elevators usually require a machine room too, which can be located in the basement.
If a physician suggests a home elevator is required for treatment, mitigation, prevention, cure or diagnosis of a medical condition, a Letter of Medical Necessity (LMN) can be obtained for FSA, HSA and potentially HRA reimbursement (always check plan guidelines).