Hearing Aid Financing

The adage “you get what you pay for” is definitely true of hearing aids, and while modern day hearing aids are designed 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 manner 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 tend to spend much more money on things that simply do not enrich our quality of life to the degree that a pair of hearing aids can.

Let’s say, for 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 television bill, and that’s why the majority of our clients readily confess that while the upfront cost seems large, the monthly cost, relative to the benefit they receive from better hearing, is more than worth the money.

So you have to ask yourself, would you be prepared to invest 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 so many people elect to purchase hearing aids.

But once you make a decision to invest in hearing aids, what are your methods for paying for them? In spite of widespread beliefs, you have many possible options.

Financing options for hearing aids

The initial mistake people make is assuming that no financial help is available. Although obtaining assistance can be difficult at times, there are in fact several resources that you should inquire about before deciding 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 differs by company and by state, many people discover that their private insurance supplies some type of assistance with hearing aids.
  • Think about utilizing a medical flexible spending account. This is a special kind of account you can use to set aside money (pre-tax) to pay for out-of-pocket medical expenses.
  • Check your Medicare and Medicaid benefits. This is not the most likely way to help pay for hearing aids, but Medicare and Medicaid do supply benefits in certain limited circumstances.
  • Call 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 provide hearing aids or financial help. If you meet the financial conditions, 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 necessary for work, your state may help you pay for them through its vocational rehabilitation program.
  • Consider financing your hearing aids. Several 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 list, and many programs are specific to the state you reside in or to the specific organizations you’re affiliated with. So, in place of browsing a long list of resources, it’s best to search for programs specific to your state or situation. 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 check out 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 various charitable organizations.

If you’re still not positive 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—call us today!

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