When you made the decision to purchase a portable oxygen concentrator, like the eQuinox portable, you didn't just purchase a medical device, you made an investment. You invested in a medical device that grants you freedoms that other oxygen delivery systems don't offer. You invested in a piece of equipment that helps you regain your quality of life. With that being said, there may come a time where your disease progresses and you need a higher flow rate, your machine becomes old and you want a new one, or worst case scenario, you have a loved one who passed away and no longer need their portable oxygen machine. How can you get a return investment on that portable oxygen concentrator?
After all you or a loved one paid $2,000 or more for that concentrator. Wouldn't it be nice to get some sort of return on it? Below we have listed how to get a return investment on your portable oxygen concentrator.
Selling Your Portable Oxygen Concentrator
One way to get a return investment on your portable oxygen concentrator is by selling it. While this seems like an obvious way to get a return investment on your oxygen machine, selling an oxygen concentrator can be tedious and difficult. Part of the reason it is difficult to sell any oxygen concentrator on the internet has to do with them being prescribed medical devices. Websites like eBay and Amazon do not allow the sale of oxygen concentrators that require a prescription. You will see items listed as portable oxygen concentrators on these sites, but they are, simply put, glorified air purifiers. The one sure way to sell your portable oxygen concentrator is to contact an authorized dealer like 1st Class Medical. Companies already selling portable concentrators have the ability to pay you for the concentrator outright to put in their used inventory. You can try listing your machine on Craigslist, however, it is illegal to sell these machines without proper documentation. Also, selling a machine on Craigslist does not allow the warranty to be transferred to the next patient. We strongly recommend not selling machines on Craigslist for the safety of the seller and the buyer.
Trading in Your POC
Often selling your portable oxygen concentrator may not seem ideal, as it is unlikely that you no longer need oxygen. So for those individuals, we recommend trading in your POC with a company like 1st Class Medical to get a credit for a new machine. When you speak with a member of our team, they will help you with this process and make sure you get the best deal possible. Once you determine which unit you want to upgrade to, we will ship it out to you with a return label to send in your old unit. From there, our team will inspect the unit to make sure it is in good working condition and can be fixed up and sold to someone else. Not many companies offer this service, and you wouldn't be able to do this process through Craigslist or eBay.
Tax Write-Off
Another way to get a return investment on your POC is to look into writing off for taxes. According to TurboTax if you need the concentrator for medical purposes you can deduct it as a medical expense. Medical expenses are only deductible if you itemize your deductions, so speak with a CPA if you need help itemizing your deductions. From there, you can only write-off your POC in the year you purchased it so if you bought it early this year, you can write it off during your 2019 taxes next year. This IRS Publication 502 clarifies medical expenses and how much you can claim during your taxes.
Conclusion
There are a few ways to get your money back with your POC, but not all options may work for you, as you can't sell your unit when you need oxygen still. You can then determine if you want to trade-in your unit to get a new unit, or if you recently purchased it, you can deduct it from your taxes.