Hearing Aid Financing

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

The good news is, 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 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 far 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 equals a monthly cost of only $83.33 per month. Most people spend more money on their cable television bill, and that’s why most of our patients openly confess that while the initial expense seems large, the monthly price, relative to the benefit they receive from better hearing, is more than worth it.

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

But once you elect to invest in hearing aids, what are your methods for paying for them? In spite of popular beliefs, you have many potential options.

Financing options for hearing aids

The first mistake people make is assuming that no financial support is available. Even though finding help can be difficult at times, there are in fact an assortment 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:

  • Begin by talking to your private insurance provider. While private insurance differs by company and by state, many people find that their private insurance provides some type of assistance with hearing aids.
  • Think about the use of a medical flexible spending account. This is a specialized type of account you can use to put aside money (pre-tax) to pay for out-of-pocket medical costs.
  • Check your Medicare and Medicaid benefits. This is not the most common way to help pay for hearing aids, but Medicare and Medicaid do provide benefits in specific limited situations.
  • Call your local VA office if you’re a veteran. Veterans may obtain benefits that can help partially or totally 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 meet the financial criteria, there are many 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 work, your state may help you pay for them through its vocational rehabilitation program.
  • Consider financing your hearing aids. Numerous 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 try to list, and many programs are specific to the state you live 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, 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 take a look at 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 numerous charitable organizations.

If you’re still not sure where to get started, 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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