Hearing Aid Financing

The saying “you get what you pay for” is definitely true of hearing aids, and though 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 inexpensive, in the same way 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 think about it, we have a tendency to spend a lot more money on things that simply do not enhance our quality of life to the magnitude 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 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 openly admit that while the initial expense seems high, the monthly expense, relative to the benefit they receive from better hearing, is more than worth the cost.

So you have to ask yourself, would you be willing to spend less than $100 per month to have better conversations and relationships with your family and friends? Most people would, and that’s why millions of people decide to invest in hearing aids.

But once you elect to purchase hearing aids, what are your options for paying for them? In spite of conventional beliefs, you have several possible options.

Financing options for hearing aids

The very first mistake people make is assuming that no financial assistance is available. Although finding assistance can be frustrating at times, there are in fact a number of resources that you should inquire about before choosing to hand over a full cash payment. Here are some of the steps we suggest taking:

  • Begin by calling your private insurance provider. While private insurance varies by company and by state, many people find that their private insurance supplies some form of assistance with hearing aids.
  • Consider the use of 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 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 provide benefits in certain limited scenarios.
  • Call your local VA office if you’re a veteran. Veterans may receive benefits that can help partially or completely pay for hearing aids. Check with your local VA office for more information.
  • Search for charitable organizations that supply hearing aids or financial assistance. If you satisfy the financial requirements, there are various charitable organizations that offer 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 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 try to list, and many programs are specific to the state you reside in or to the specific institutions you’re associated with. Therefore, rather than browsing a long list of resources, it’s best to search for programs specific to your state or circumstances. For example, carrying out a Google search for “hearing aid funding in ” or “hearing aid assistance for veterans” will most likely provide some worthwhile results.

You might 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 several 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 find the financing option that works best for you. Your hearing is worth it—call us today!