Hearing Aid Financing

The saying “you get what you pay for” is certainly true of hearing aids, and while modern-day hearing aids are designed to be more effective than ever, they’re not exactly inexpensive, either.

Fortunately, modern digital hearing aids, while not cheap, ARE becoming more reasonably priced, in the same way that most consumer electronics are becoming more affordable (A 20-inch flat screen TV cost $1,200 in 1999; it costs just $84 today). And when you stop to think about it, we have a tendency to spend far more cash on things that simply do not enhance our quality of life to the level that a pair of hearing aids can.

Let’s say, for example, that a pair of hearing aids costs $5,000. Assuming the hearing aids last 5 years, that equates to a monthly cost of only $83.33 per month. Many people spend more money on their cable tv bill, and that’s why the majority of our patients freely admit that while the upfront expense seems high, the monthly expense, relative to the benefit they receive from better hearing, is more than worth the money.

The question is, would you be willing to devote less than $100 per month to have better conversations and relationships with your close friends and family? Most people would, and that’s why so many people elect to purchase hearing aids.

But once you make a decision to buy hearing aids, what are your options for paying for them? In spite of conventional beliefs, you have many possible options.

Financing options for hearing aids

The first mistake people make is assuming that no financial assistance is possible. Although obtaining help can be challenging at times, there are in fact an assortment of resources that you should inquire about before choosing to hand over a full cash payment. The following are some of the steps we recommend taking:

  • Begin by consulting your private insurance provider. While private insurance differs by company and by state, many people find that their private insurance provides some form of assistance with hearing aids.
  • Think about the use of a medical flexible spending account. This is a special type of account you can use to set aside money (pre-tax) to pay for out-of-pocket medical costs.
  • Check your Medicare and Medicaid benefits. This is not the most common way to help pay for hearing aids, but Medicare and Medicaid do offer benefits in specific limited circumstances.
  • Contact your local VA office if you’re a veteran. Veterans may receive benefits that can help partly or totally pay for hearing aids. Check with your local VA office for more information.
  • Search for charitable organizations that offer hearing aids or financial support. If you meet the financial requirements, there are various charitable organizations that offer hearing aids or financial assistance for hearing aids. We’ll provide some resources for you in the next section.
  • Check out your state’s vocational rehabilitation program. If hearing aids are necessary for employment, your state may help you pay for them through its vocational rehabilitation program.
  • Consider financing your hearing aids. Numerous programs exist, including CareCredit, which functions like a credit card but is exclusive to healthcare services.

Additional resources

There are far too many options and resources to name, and many programs are specific to the state you live in or to the specific organizations you’re associated with. So, in place of browsing a long list of resources, it’s best to search for programs specific to your state or situation. For instance, carrying out a Google search for “hearing aid funding in ” or “hearing aid assistance for veterans” will likely provide some worthwhile results.

You might also want to check out the list of financial resources from the
Better Hearing Institute and the Hearing Loss Association of America, both of which list programs by state and include lists of several charitable organizations.

If you’re still not positive where to get started, or are having a hard time finding information, don’t hesitate to give us a call. We can point you in the right direction and can help you find the financing option that works best for you. Your hearing is worth it—give us a call today!

The site information is for educational and informational purposes only and does not constitute medical advice. To receive personalized advice or treatment, schedule an appointment.
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