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Hearing Aid Financing

The saying “you get what you pay for” is especially true of hearing aids, and although the latest hearing aids are engineered to be more effective than ever, they’re not exactly cheap, either.

Thankfully, 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 think about it, we have a tendency to spend far more money on things that simply do not enrich our quality of life to the extent that a pair of hearing aids can.

Let’s say, as an example, that a pair of hearing aids costs $5,000. Assuming the hearing aids last 5 years, that is equal to a monthly cost of only $83.33 per month. Most people shell out more money on their cable tv bill, and that’s why most of our patients freely admit that while the upfront cost seems large, the monthly cost, relative to the benefit they receive from better hearing, is more than worth it.

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

But once you make a decision to purchase hearing aids, what are your options for paying for them? In spite of common beliefs, you have quite a few possible options.

Financing options for hearing aids

The initial mistake people make is assuming that no financial support is available. Although finding help can be challenging 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:

  • Start by talking to your private insurance provider. While private insurance varies by company and by state, many people discover that their private insurance includes some form of assistance with hearing aids.
  • Think about using a medical flexible spending account. This is a specialized 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 usual way to help pay for hearing aids, but Medicare and Medicaid do offer benefits in certain limited scenarios.
  • Contact your local VA office if you’re a veteran. Veterans may obtain benefits that can help partially or completely pay for hearing aids. Check with your local VA office for additional information.
  • Search for charitable organizations that grant hearing aids or financial help. If you meet the financial guidelines, there are various charitable organizations that provide hearing aids or financial assistance for hearing aids. We’ll provide some resources for you in the following section.
  • Check your state’s vocational rehabilitation program. If hearing aids are required for employment, 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 name, and many programs are specific to the state you reside in or to the specific organizations you’re associated 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, executing a Google search for “hearing aid funding in ” or “hearing aid assistance for veterans” will most likely provide some worthwhile results.

You may also want to check out the listing of financial resources from the Better Hearing Institute and the , both of which list programs by state and incorporate lists of various charitable organizations.

If you’re still not certain where to start, or are having a hard time 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 well worth it—give us a call today!