Look for a lift chair where the footrest extends from the seat without a gap between the seat and footrest. This provides somewhat better support rather than having the weight of the legs entirely on the calves. That reduces circulation and adds to swelling of the feet and ankles. Also look for one with maximum recline, ideally flat or even with the feet higher than the heart. You won't find one with a good pressure relief seat cushion so don't bother searching, just add a ROHO cushion when he begins to feel pressure on his bottom. The type of controls is important so look for easy to press buttons and a cable long enough to position the controls where he can best reach them. The size of the chair is important for tall or short people, and the position and size of the headrest pillow section is a big comfort issue. I don't know if any chairs today offer a way of adjusting the headrest. I had a chair that had a pillow that wasn't built into the chair back so it was adjustable.
Check out some types of recliner/lift chairs at SpinLife online.
The cost of a recliner is not covered by insurance but Medicare and some insurance may cover the cost of the lift mechanism, which would be calculated by comparing the cost to a similar quality chair to a lifting chair. A similar chair would be one with the same frame type (wood or metal) and general upholstery quality.
If he is near to needing a power wheelchair. consider getting that instead. It will be fitted to him in height, leg length, back height etc. With tilt/recline and articulated leg rests a power chair can be very comfortable. You can add the elevating seat for easy standing but this is most often a self-pay item at about $2,000. Power chairs have a limited range of tilt however, not flat.