Hearing Aid Financing

The maxim “you get what you pay for” is definitely true of hearing aids, and while modern-day hearing aids are engineered 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 high-definition TV cost $1,200 in 1999; it costs just $84 today). And when you stop to think about it, we tend to spend far more cash on things that simply do not enrich our quality of life to the magnitude that a pair of hearing aids can.

Let’s say, as an example, that a pair of hearing aids costs $5,000. Supposing the hearing aids last 5 years, that is equal to a monthly price of only $83.33 per month. Many people shell out more money on their cable television bill, and that’s why the majority of our patients freely confess that while the initial price seems large, the monthly cost, relative to the benefit they receive from better hearing, is more than worth the cost.

The question is, would you be willing to spend less than 100 dollars per month to have better conversations and interactions with your loved ones? Most people would, and that’s why so many people decide to invest in hearing aids.

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

Financing options for hearing aids

The very first mistake people make is assuming that no financial help is available. While acquiring assistance can be challenging at times, there are in fact an assortment of resources that you should inquire about before making a decision to hand over a full cash payment. The following are some of the steps we suggest taking:

  • Start by talking to your private insurance provider. While private insurance differs by company and by state, many people find that their private insurance includes some form of assistance with hearing aids.
  • Look into the use of a medical flexible spending account. This is a special kind of account you can use to set aside money (pre-tax) to pay for out-of-pocket medical expenses.
  • Check out your Medicare and Medicaid benefits. This is not the most common way to help pay for hearing aids, but Medicare and Medicaid do supply benefits in certain limited circumstances.
  • Call your local VA office if you’re a veteran. Veterans may receive benefits that can help partly or completely pay for hearing aids. Check with your local VA office for additional information.
  • Search for charitable organizations that offer hearing aids or financial assistance. If you meet the financial guidelines, there are a number of charitable organizations that provide hearing aids or financial assistance for hearing aids. We’ll provide some resources for you in the next section.
  • Check your state’s vocational rehabilitation program. If hearing aids are necessary for work, your state may help you pay for them through its vocational rehabilitation program.
  • Consider financing your hearing aids. Several programs exist, including CareCredit, which works 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 reside in or to the specific organizations you’re associated with. Therefore, in place of browsing a long list of resources, it’s best to search for programs specific to your state or situation. For example, performing a Google search for “hearing aid funding in ” or “hearing aid assistance for veterans” will most likely supply some worthwhile results.

You might also want to take a look at 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 incorporate lists of several charitable organizations.

If you’re still not certain where to begin, 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 well 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.