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Hearing Aid Financing

The adage “you get what you pay for” is certainly true of hearing aids, and though 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 budget friendly, in the same way that the majority of 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 have a tendency to spend far more money on things that simply do not improve our quality of life to the degree that a pair of hearing aids can.

Let’s say, for instance, that a pair of hearing aids costs $5,000. Presuming the hearing aids last 5 years, that equates to a monthly price 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 openly confess that while the initial price seems high, the monthly expense, relative to the benefit they receive from better hearing, is more than worth it.

So you have to ask yourself, would you be willing to commit less than $100 per month to have better conversations and relationships with your close friends and family? Most people would, and that’s why millions of people elect to purchase hearing aids.

But once you make a decision to invest in hearing aids, what are your options for paying for them? Despite conventional beliefs, you have quite a few possible options.

Financing options for hearing aids

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

  • Start by contacting your private insurance provider. While private insurance varies by company and by state, many people find that their private insurance offers some form of assistance with hearing aids.
  • Consider using a medical flexible spending account. This is a special kind of account you can use to put 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 offer 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 more information.
  • Search for charitable organizations that offer hearing aids or financial support. If you satisfy 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 required for work, your state may help you pay for them through its vocational rehabilitation program.
  • Consider financing your hearing aids. Numerous programs can be found, 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 try to list, and many programs are specific to the state you live in or to the specific institutions you’re associated with. So, instead of reading through a long list of resources, it’s best to search for programs specific to your state or situation. For instance, performing a Google search for “hearing aid funding in ” or “hearing aid assistance for veterans” will most likely provide some worthwhile results.

You may also want to browse the listing 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 a variety of charitable organizations.

If you’re still not positive where to get started, or are having problems 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.
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