Should Patients Buy or Rent their Home Medical Equipment?
Consumers need to be wary of advice from their private insurance companies and government health programs such as Medicare, or they could find themselves shelling out more money than necessary. Medicare often recommends that seniors rent home medical equipment when it can actually be cheaper to purchase the equipment. Unfortunately, many patients are too sickly or simply are just not aware that there is an option for them to buy the medical equipment that they require for home use, and health insurers often neglect to disclose this information.
When it comes to medical equipment for your home, renting and buying are both good options. It just comes down to the math, and to which options are in the best interest of the person using the equipment. Determining whether to buy or rent home-use medical equipment is an individual decision that needs to be based on several specific circumstances; such as finances/insurance coverage, environmental factors, health, and convenience.
Oxygen concentrators are a common type of medical equipment that patients use in their homes and are a good example of a situation that demonstrates a situation where buying can be more cost effective than renting. For example, renting an oxygen concentrator for a thirty-six month contract costs approximately $6000.00. By comparison purchasing the same device would cost a patient around $700.00. In all fairness, a Medicare patient is typically only responsible for twenty- percent of the rental costs and Medicare will cover the remaining eighty-percent. However, the patient’s 20% monthly co-pays over three years costs much more than if they had just purchased the machine outright.
Renting medical equipment is also an excellent option for some patients since rental companies often provide patients with service contracts on their equipment. Some patients appreciate the convenience of having their machines serviced and these charges are typically included in the rental fees.
Patients who choose to rent home medical equipment might prefer to break it down monthly, since it might be an easier way for them to manage their finances. However, other patients that have the funds available to make the purchase themselves, possibly without assistance from insurance, can sometimes get a better deal. Renting or buying is a personal decision, the most important decision one can make is to buy or rent their medical equipment and supplies from a reputable medical supplier.