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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.

Luckily, modern digital hearing aids, while not cheap, ARE becoming more budget friendly, in the same manner 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 have a tendency to spend considerably more cash on things that simply do not enrich our quality of life to the extent 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. Many people spend more money on their cable tv bill, and that’s why the majority of our patients openly admit that while the initial expense seems high, the monthly price, relative to the benefit they receive from improved hearing, is more than worth the money.

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

But once you elect to buy hearing aids, what are your methods for paying for them? In spite of popular beliefs, you have a number of possible options.

Financing options for hearing aids

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

  • Begin by contacting your private insurance provider. While private insurance differs by company and by state, many people find that their private insurance includes some type of assistance with hearing aids.
  • Think about using a medical flexible spending account. This is a specialized kind of account you can use to put aside money (pre-tax) to pay for out-of-pocket medical costs.
  • 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 supply benefits in certain limited circumstances.
  • Contact your local VA office if you’re a veteran. Veterans may receive benefits that can help partially or totally pay for hearing aids. Check with your local VA office for additional information.
  • Search for charitable organizations that grant hearing aids or financial help. If you meet the financial conditions, there are a number of 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 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 works 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. So, rather than browsing a long list of resources, it’s best to search for programs specific to your state or circumstances. For instance, carrying out a Google search for “hearing aid funding in ” or “hearing aid assistance for veterans” will likely supply some helpful 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 include lists of various charitable organizations.

If you’re still not positive where to begin, or are having difficulty 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!

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