Hearing Aid Financing

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

Luckily, modern digital hearing aids, while not cheap, ARE becoming more budget friendly, in the same way that most consumer electronics are becoming more affordable (A 20-inch flat screen TV cost $1,200 in 1999; it costs just $84 today). And when you stop to think about it, we tend to spend far more cash on things that simply do not improve our quality of life to the level 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 is equal 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 admit that while the upfront expense seems large, the monthly expense, relative to the benefit they receive from healthier hearing, is more than worth it.

So you have to ask yourself, would you be willing to commit 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 make a decision to invest in hearing aids, what are your options for paying for them? In spite of conventional beliefs, you have a number of potential options.

Financing options for hearing aids

The initial mistake people make is assuming that no financial aid is possible. Although receiving help can be challenging at times, there are in fact a range of resources that you should inquire about before deciding to hand over a full cash payment. Here are some of the steps we suggest taking:

  • Begin by talking to your private insurance provider. While private insurance differs by company and by state, many people find that their private insurance supplies some type of assistance with hearing aids.
  • Consider the use of a medical flexible spending account. This is a specialized kind 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 usual way to help pay for hearing aids, but Medicare and Medicaid do supply benefits in certain limited circumstances.
  • Call your local VA office if you’re a veteran. Veterans may obtain benefits that can help partly or completely pay for hearing aids. Check with your local VA office for more information.
  • Search for charitable organizations that offer hearing aids or financial aid. If you satisfy the financial guidelines, there are numerous charitable organizations that supply 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 required for employment, 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 associated with. Therefore, rather than browsing a long list of resources, it’s best to search for programs specific to your state or circumstances. For instance, executing a Google search for “hearing aid funding in ” or “hearing aid assistance for veterans” will likely supply some worthwhile results.

You may also want to take a look at 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 positive where to begin, 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!

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