Hearing Aid Financing

The saying “you get what you pay for” is especially true of hearing aids, and though modern hearing aids are designed to be more effective than ever, they’re not exactly inexpensive, either.

Fortunately, modern digital hearing aids, while not cheap, ARE becoming more inexpensive, 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 tend to spend a lot 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 instance, that a pair of hearing aids costs $5,000. Presuming the hearing aids last 5 years, that equates 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 confess that while the initial price seems large, 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 prepared to invest less than $100 per month to have better conversations and relationships with your family and friends? Most people would, and that’s why so many people decide to invest in hearing aids.

But once you elect to invest in hearing aids, what are your methods for paying for them? Despite common beliefs, you have a range of potential options.

Financing options for hearing aids

The first mistake people make is assuming that no financial assistance is possible. Even though finding help can be frustrating at times, there are in fact a range 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:

  • Start by talking to your private insurance provider. While private insurance varies by company and by state, many people find that their private insurance provides some form of assistance with hearing aids.
  • Consider utilizing a medical flexible spending account. This is a special kind of account you can use to set 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 scenarios.
  • Call your local VA office if you’re a veteran. Veterans may obtain benefits that can help partially or totally pay for hearing aids. Check with your local VA office for additional information.
  • Search for charitable organizations that provide hearing aids or financial assistance. If you meet the financial criteria, there are numerous 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 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 try to list, and many programs are specific to the state you reside 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 example, carrying out a Google search for “hearing aid funding in ” or “hearing aid assistance for veterans” will most likely provide some valuable results.

You might also want to take a look at the listing 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 certain where to begin, 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 discover the financing option that works best for you. Your hearing is worth it—give us a call today!