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Hearing Aid Financing

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

Fortunately, modern digital hearing aids, while not cheap, ARE becoming more affordable, in the same way 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 enhance our quality of life to the degree that a pair of hearing aids can.

Let’s say, as an example, that a pair of hearing aids costs $5,000. Presuming the hearing aids last 5 years, that equals a monthly cost of only $83.33 per month. Many people shell out more money on their cable television bill, and that’s why most of our patients readily admit that while the upfront cost seems high, the monthly cost, 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 commit 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 millions of people choose to buy hearing aids.

But once you elect to buy hearing aids, what are your options for paying for them? Despite widespread beliefs, you have a variety of possible options.

Financing options for hearing aids

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

  • Start by consulting your private insurance provider. While private insurance differs by company and by state, many people find that their private insurance supplies 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 set aside money (pre-tax) to pay for out-of-pocket medical expenses.
  • Check out your Medicare and Medicaid benefits. This is not the most likely way to help pay for hearing aids, but Medicare and Medicaid do supply benefits in certain limited instances.
  • 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 grant hearing aids or financial aid. If you satisfy the financial guidelines, there are a number of charitable organizations that provide hearing aids or financial assistance for hearing aids. We’ll share 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. Numerous programs can be found, 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 reside in or to the specific institutions you’re associated with. So, rather than browsing a long list of resources, it’s best to search for programs specific to your state or circumstances. For example, conducting a Google search for “hearing aid funding in ” or “hearing aid assistance for veterans” will likely provide 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 include lists of several charitable organizations.

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

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