Smart home technology can make day-to-day living more efficient, but for people with physical or mental disabilities or illnesses, the technology can be life changing. With rising health care costs and situations like the current COVID-19 pandemic, such technology can also offer a cost-effective way to deliver health care remotely.
Home health care has the potential to reduce the disparities for patients with limited access to health care, enable increased engagement and education of patients, and improve efficiencies of providers. As acceptance and adoption of home health devices increases, individuals should also be aware of which medical expenses qualify for tax benefits.
For financial professionals providing tax, elder care, and insurance services, advisors may suggest home technology to their clients as a way not only to save money, but more importantly, to improve their overall quality of life.