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Hearing Aid Financing

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

Fortunately, modern digital hearing aids, while not cheap, ARE becoming more reasonably priced, in the same manner that the majority of 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 think about it, we tend to spend considerably more money on things that simply do not enrich our quality of life to the magnitude that a pair of hearing aids can.

Let’s say, for instance, that a pair of hearing aids costs $5,000. Assuming the hearing aids last 5 years, that equals a monthly price of only $83.33 per month. Most people spend more money on their cable tv bill, and that’s why the majority of our patients readily confess that while the initial expense seems large, the monthly expense, relative to the benefit they receive from improved hearing, is more than worth the cost.

So you have to ask yourself, would you be prepared to devote less than 100 dollars per month to have better conversations and relationships with your close friends and family? Most people would, and that’s why so many people choose to invest in hearing aids.

But once you elect to purchase hearing aids, what are your options for paying for them? Despite common beliefs, you have quite a few potential options.

Financing options for hearing aids

The initial mistake people make is assuming that no financial assistance is possible. While finding help can be frustrating at times, there are in fact a number of resources that you should inquire about before making a decision to hand over a full cash payment. Here are some of the steps we suggest taking:

  • Start by speaking to your private insurance provider. While private insurance differs by company and by state, many people discover that their private insurance offers some form of assistance with hearing aids.
  • Think about utilizing a medical flexible spending account. This is a specialized 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 usual way to help pay for hearing aids, but Medicare and Medicaid do offer benefits in specific limited situations.
  • Call your local VA office if you’re a veteran. Veterans may receive benefits that can help partially or completely pay for hearing aids. Check with your local VA office for more information.
  • Search for charitable organizations that grant hearing aids or financial support. If you satisfy the financial criteria, there are numerous charitable organizations that supply hearing aids or financial assistance for hearing aids. We’ll share some resources for you in the following section.
  • Check out your state’s vocational rehabilitation program. If hearing aids are required for employment, your state may help you pay for them through its vocational rehabilitation program.
  • Consider financing your hearing aids. Several 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 list, and many programs are specific to the state you live in or to the specific institutions you’re affiliated with. Therefore, instead of browsing a long list of resources, it’s best to search for programs specific to your state or circumstances. For instance, executing a Google search for “hearing aid funding in ” or “hearing aid assistance for veterans” will most likely provide some valuable results.

You may also want to browse 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 numerous 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 well worth it—call us today!

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