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Hearing Aid Financing

The saying “you get what you pay for” is especially 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 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 a lot more cash on things that simply do not boost our quality of life to the level 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 equates to a monthly price of only $83.33 per month. Most 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 expense seems high, the monthly expense, relative to the benefit they receive from better hearing, is more than worth the money.

The question is, would you be prepared to devote less than $100 per month to have better conversations and interactions with your loved ones? Most people would, and that’s why millions of people decide to purchase hearing aids.

But once you decide to purchase hearing aids, what are your methods for paying for them? In spite of widespread beliefs, you have many potential options.

Financing options for hearing aids

The initial mistake people make is assuming that no financial support is available. Even though obtaining help can be difficult at times, there are in fact a variety of resources that you should inquire about before choosing to hand over a full cash payment. The following are some of the steps we suggest taking:

  • Start by contacting your private insurance provider. While private insurance varies by company and by state, many people find that their private insurance includes some form of assistance with hearing aids.
  • Think about utilizing a medical flexible spending account. This is a special type 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 common way to help pay for hearing aids, but Medicare and Medicaid do offer benefits in certain limited circumstances.
  • Contact 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 grant hearing aids or financial aid. If you satisfy the financial requirements, there are numerous charitable organizations that supply 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 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 list, and many programs are specific to the state you reside in or to the specific organizations 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 situation. For example, executing a Google search for “hearing aid funding in ” or “hearing aid assistance for veterans” will most likely supply 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 include lists of several charitable organizations.

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

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