Warranties: HSA Eligibility

What is a warranty?

A warranty is a sort of contractual agreement between a purchaser and manufacturer that may be express or implied, if not explicitly written. It is a factual guarantee that allows for a legal remedy if the promised product condition and its capabilities is not true or followed. There are two types of warranties. The warrant of merchantability ensures that goods must reasonably conform to an ordinary buyer's expectations. The warranty of fitness for a particular purpose is implied and allows the buyer to relies upon the seller to select the goods to fit a specific request (Investopedia).

Where do warranties appear in the medical world?

When you purchase a piece of medical equipment, warranties are a sort of agreement that ensures the medical device comes as expected and functions properly as stated. Getting a warranty is often advised to protect from high costs due to damage and wear over the lifespan of the product. Often overlooked, it's an important piece of making a such an investment, and you may even want to look into extended warranties.

What are some types of warranties for medical equipment?

Typically manufacturer warranties and retail seller's warranties are provided at no additional cost, but they are often non-negotiable contracts and given for shorter length of time.

You may also consider getting an extended warranty to provide additional coverage and protection for a longer time.

What should you pay attention to in the warranty?

The length of the warranty and when coverage begins and expires are important things to note. Coverage often terminates after an elapsed period of time or number of uses. Sometimes there are coverage provisions, specifically what is covered and the conditions, limitations and exclusions from coverage.

Other important questions include: Who determines whether the equipment requires repair? What factors determine whether the equipment requires repair? And are routine maintenance, manufacturing defects, and normal wear and tear covered? In many cases, coverage can be voided if the equipment is not maintained or used as explicitly directed in the equipment's manual.