When you have recently had an operation, your physician may recommend some Durable Medical Equipment that can be included in your home-care to aid your recovery. This blog post will help you understand when to own a medical equipment v/s when to rent it out.
What are Durable Medical Equipment?
Medicare classifies DMEs as equipment that are; Durable (can withstand repeated use), used for a medical reason, Not usually useful to someone who isn’t sick or injured, Used in your home, and Generally has an expected lifetime of at least 3 years.
Here are some examples of Durable Medical Equipment:
- Blood Sugar Meters
- Blood Test Kits
- Hospital Beds
- Nebulizers
- Oxygen equipment and Accessories
- Suction Pumps
- Commode Chairs
- Crutches, Walkers & Wheelchairs
When to rent medical equipment
Research suggests that its is quite popular to lease medical equipment than buying them, and these could be some of the reasons for that choice:
- Short-term requirement : If this equipment is not something you would require for years, then it would be a smarter financial decision to rent it during recovery.
- Avoid worrying about Repairs: Usually the supplier you choose to rent your equipment will take care of repairs, thereby saving you money.
- Equipment is constantly being upgraded: If this product is something that is continuously evolving over the years, renting will allow you to exchange the equipment for the latest technology, so you won’t have to worry about your equipment becoming outdated.
When to buy medical equipment
Long term investments always have their pay-offs, and here are some of them if you are considering to own the medical equipment you require:
- Long-term requirement: If you would be requiring the equipment more frequently, it makes perfect sense to purchase the product for the long term.
- When repairs are worth your investment: If repairs are rare and not as high priced when compared to the cost of rentals, buying it may be the choice for you.
- The equipment is timeless: Some equipment needs to be updated every few years and replaced by newer technology, but other things are standard and don’t change as much over the years. In such cases purchasing the equipment would be a wiser choice than renting it.
At Phoenix Associates, we proudly offer products available for both purchase and rent and have the reliable experience to help you make the right decision for your unique situation. If you are still debating on whether to rent or buy your medical equipment, feel free to contact us and we’d be happy to assist you in the decision.