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Hearing Aid Financing

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

Fortunately, modern digital hearing aids, while not cheap, ARE becoming more affordable, 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 far more money on things that simply do not improve our quality of life to the extent that a pair of hearing aids can.

Let’s say, for example, that a pair of hearing aids costs $5,000. Assuming the hearing aids last 5 years, that equates 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 patients freely admit that while the upfront cost seems high, the monthly expense, relative to the benefit they receive from improved hearing, is more than worth it.

So you have to ask yourself, would you be willing 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 decide to purchase hearing aids.

But once you elect to buy hearing aids, what are your methods for paying for them? Despite common beliefs, you have several potential options.

Financing options for hearing aids

The first mistake people make is assuming that no financial support is available. While receiving help can be frustrating at times, there are in fact an assortment 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 contacting your private insurance provider. While private insurance varies by company and by state, many people find that their private insurance includes some type of assistance with hearing aids.
  • Think about 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 costs.
  • Check 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 circumstances.
  • Contact 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 more information.
  • Search for charitable organizations that supply hearing aids or financial aid. If you satisfy the financial requirements, there are numerous charitable organizations that supply 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 necessary 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 works 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 live in or to the specific organizations you’re affiliated with. Therefore, instead of reading through a long list of resources, it’s best to search for programs specific to your state or situation. For example, conducting a Google search for “hearing aid funding in ” or “hearing aid assistance for veterans” will likely provide some valuable 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 incorporate lists of a variety of charitable organizations.

If you’re still not sure where to begin, 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!