Hearing Aid Financing

The saying “you get what you pay for” is definitely true of hearing aids, and while contemporary hearing aids are engineered to be more effective than ever, they’re not exactly inexpensive, either.

Luckily, modern digital hearing aids, while not cheap, ARE becoming more inexpensive, 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 think about it, we tend to spend considerably more cash on things that simply do not increase our quality of life to the level that a pair of hearing aids can.

Let’s say, for instance, that a pair of hearing aids costs $5,000. Supposing the hearing aids last 5 years, that equates to a monthly cost of only $83.33 per month. Many people spend more money on their cable television bill, and that’s why the majority of our patients readily admit that while the initial expense seems high, the monthly expense, relative to the benefit they receive from healthier 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 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 popular beliefs, you have several potential options.

Financing options for hearing aids

The first mistake people make is assuming that no financial help is available. Even though receiving assistance can be frustrating at times, there are in fact a number of resources that you should inquire about before making a decision to hand over a full cash payment. Here are some of the steps we recommend taking:

  • Start by calling 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 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 supply benefits in certain limited situations.
  • Call your local VA office if you’re a veteran. Veterans may obtain benefits that can help partly or totally pay for hearing aids. Check with your local VA office for additional information.
  • Search for charitable organizations that supply hearing aids or financial support. If you satisfy the financial guidelines, 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 your state’s vocational rehabilitation program. If hearing aids are required 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 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. Therefore, in place of reading through a long list of resources, it’s best to search for programs specific to your state or situation. For instance, 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 list of financial resources from the Better Hearing Institute and the , both of which list programs by state and incorporate lists of numerous charitable organizations.

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

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