Hearing Aid Financing

The adage “you get what you pay for” is definitely true of hearing aids, and although contemporary hearing aids are designed to be more effective than ever, they’re not exactly cheap, either.

The good news is, modern digital hearing aids, while not cheap, ARE becoming more reasonably priced, in the same manner 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 much more money on things that simply do not raise 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. Presuming the hearing aids last 5 years, that is equal to a monthly price of only $83.33 per month. Most people spend more money on their cable tv bill, and that’s why most of our patients readily admit that while the upfront cost seems large, the monthly price, relative to the benefit they receive from healthier hearing, is more than worth it.

So you have to ask yourself, would you be willing to spend 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 millions of people decide to buy hearing aids.

But once you make a decision to invest in hearing aids, what are your methods for paying for them? Despite conventional beliefs, you have a number of potential options.

Financing options for hearing aids

The first mistake people make is assuming that no financial support is available. Although finding help can be challenging at times, there are in fact quite a few resources that you should inquire about before deciding to hand over a full cash payment. Here are some of the steps we recommend taking:

  • Start by consulting your private insurance provider. While private insurance varies by company and by state, many people discover that their private insurance supplies some type of assistance with hearing aids.
  • Consider using 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 expenses.
  • Check out your Medicare and Medicaid benefits. This is not the most likely way to help pay for hearing aids, but Medicare and Medicaid do provide benefits in specific limited instances.
  • Call your local VA office if you’re a veteran. Veterans may obtain 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 provide hearing aids or financial assistance. If you meet the financial guidelines, there are numerous charitable organizations that provide hearing aids or financial assistance for hearing aids. We’ll share 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. 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 name, and many programs are specific to the state you reside in or to the specific organizations you’re affiliated with. So, in place of reading through a long list of resources, it’s best to search for programs specific to your state or circumstances. For example, performing a Google search for “hearing aid funding in ” or “hearing aid assistance for veterans” will most likely supply some helpful 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 include lists of numerous charitable organizations.

If you’re still not certain where to start, 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 discover the financing option that works best for you. Your hearing is well worth it—call us today!