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Hearing Aid Financing

The saying “you get what you pay for” is certainly true of hearing aids, and though modern hearing aids are engineered 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 reasonably priced, in the same manner that the majority of 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 tend to spend much more cash on things that simply do not raise 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. Supposing the hearing aids last 5 years, that is equal to a monthly cost of only $83.33 per month. Many people shell out more money on their cable television bill, and that’s why the majority of our patients freely confess that while the initial expense seems large, the monthly price, 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 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 decide to invest in hearing aids, what are your options for paying for them? In spite of conventional beliefs, you have several potential options.

Financing options for hearing aids

The initial mistake people make is assuming that no financial help is possible. While finding assistance can be difficult at times, there are in fact several resources that you should inquire about before choosing to hand over a full cash payment. Here are some of the steps we suggest taking:

  • Start by calling your private insurance provider. While private insurance varies by company and by state, many people discover that their private insurance provides some form of assistance with hearing aids.
  • Consider utilizing a medical flexible spending account. This is a special type of account you can use to put aside money (pre-tax) to pay for out-of-pocket medical expenses.
  • 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 specific limited instances.
  • Contact 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 additional information.
  • Search for charitable organizations that grant hearing aids or financial assistance. If you satisfy the financial conditions, there are a number of charitable organizations that offer hearing aids or financial assistance for hearing aids. We’ll provide 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. 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 list, and many programs are specific to the state you live in or to the specific organizations you’re affiliated with. So, instead of browsing a long list of resources, it’s best to search for programs specific to your state or situation. For instance, performing 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 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 incorporate lists of various charitable organizations.

If you’re still not positive where to get started, or are having problems 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—call us today!

The site information is for educational and informational purposes only and does not constitute medical advice. To receive personalized advice or treatment, schedule an appointment.