Buying vs. Renting Medical Equipment: Factors That Decide Which Is Right for You
When you are diagnosed with a medical condition or undergo surgery, you may be in need of medical equipment. Many medical supply stores both sell and rent medical equipment. This leaves you with a decision to make. You have to decide whether to rent or buy the equipment you need. Here are a few factors you should carefully consider when deciding which is the better option.
How Long You Will Need the Equipment
One of the first things you need to consider is how long you will need a piece of medical equipment when deciding whether to rent or buy the equipment. If it is something you will need for only a month or two, you may be better off renting it. If it is something you will need for a few years, you may want to purchase it. Always weigh the cost of renting the equipment versus buying it and then consider how long you will need it to determine which is financially better for you.
What Your Insurance Covers
Another factor to consider when deciding whether to buy or rent medical equipment is what your insurance covers. Some insurance plans will pay your monthly rental cost for the equipment, but will not cover the equipment if you buy it outright. In this case, renting is the better option. Other plans may cover 60 or 75 percent of the cost of medical equipment that you purchase. In this case, buying it may be the better option. Always contact your insurance company and ask how much they cover of the equipment you need to find out if renting versus buying is best for you.
How Much Maintenance the Equipment Needs
The last factor you will want to consider when making a decision to rent or buy medical equipment is how much maintenance the equipment needs. For example, a hospital bed needs to be maintained to ensure all of the parts operate as they should. Rental companies are typically responsible for maintaining and repairing the equipment you rent, whereas you are responsible if you buy the equipment outright. If the equipment you are buying requires a lot of maintenance or has expensive repairs, you may want to rent it if you don't want to be responsible for that maintenance.
When you need medical equipment, you have to decide whether to buy or rent that equipment. Paying close attention to how long you will need the equipment, what your insurance covers and how much maintenance the equipment needs will help you make an informed decision as to whether you want to rent or buy medical equipment. For more information, contact a business such as Medi-Rents & Sales Inc.