Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

   Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934

       Date of Report (Date of Earliest Event Reported): December 21, 2005

                              INVACARE CORPORATION
             (Exact Name of Registrant as Specified in its Charter)

                 (State or Other Jurisdiction of Incorporation)

            0-12938                                  95-2680965
      -------------------                       -------------------
     (Commission File No.)                (IRS Employer Identification No.)

               One Invacare Way, P.O. Box 4028, Elyria, Ohio 44036
                    (Address of Principal Executive Offices)

                                 (440) 329-6000
              (Registrant's Telephone Number, Including Area Code)


Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR

[ ] Soliciting  material  pursuant to Rule 14a-12 under the Exchange Act (17 CFR

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 204.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))

Item 1.01.  Entry into a Material Definitive Agreement.

On December  21,  2005,  the Board of  Directors  of Invacare  Corporation  (the
"Company"),  based  on  the  recommendation  of  the  Compensation,   Management
Development and Corporate Governance  Committee (the "Committee"),  approved the
acceleration of the vesting for  substantially  all of the Company's  previously
unvested  stock options which were granted under the Invacare  Corporation  1994
Performance Plan, as amended, and the Invacare Corporation 2003 Performance Plan
(the  "Plans"),  and  which are  currently  underwater.  The Board of  Directors
decided to approve  the  acceleration  of the  vesting  of the  Company's  stock
options  primarily to partially  offset the recent  reductions in other benefits
made by the Company and to provide additional incentive to those critical to the
Company's current cost reduction efforts.

The  decision,  which is  effective as of December  21,  2005,  accelerates  the
vesting for a total of  1,368,307  of the  Company's  common  shares;  including
646,100  shares  underlying  options  held  by  the  Company's  named  executive
officers.  The stock options  accelerated  equate to 29% of the Company's  total
outstanding stock options. Vesting was not accelerated for the restricted awards
granted under the Plans and no other  modifications were made to the awards that
were accelerated.  The exercise prices of the accelerated  options, all of which
are  currently  underwater,  are unchanged by this  acceleration  of the vesting

The  acceleration  of the vesting  schedules of the Company's  stock options was
done  pursuant to Section  13(b) of the Invacare  Corporation  1994  Performance
Plan, as amended, and Section 13(b) of the Invacare Corporation 2003 Performance
Plan, both of which authorize the amendment of the terms of any award, including
the acceleration of vesting. The majority of the stock options granted under the
Plans were awarded with vesting occurring over a four-year period.

All of the Company's  outstanding  unvested options under the Plans,  which were
accelerated, had exercise prices ranging from $30.91 to $47.80 which are greater
than the Company's  stock market price of $30.75 as of the effective date of the

Currently,  the Company utilizes the disclosure-only  provisions of Statement of
Financial  Accounting   Standards  No.  123  (SFAS  No.  123),   Accounting  for
Stock-Based Compensation. As such, the Company's current year pro-forma earnings
will reflect additional expense of approximately $12,000,000 before taxes, which
is  equivalent  to net earnings  per share  assuming  dilution of  approximately
$0.25. This additional  expense would have been recognized between 2006 and 2009
in accordance with the Company's adoption of SFAS No. 123r, Share-Based Payment,
on January 1, 2006, if the vesting was not accelerated.


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                        Invacare Corporation

                                        By: /s/ Gregory C. Thompson
                                        Gregory C. Thompson
                                        Chief Financial Officer

Date:  December 22, 2005