Hearing Aid Financing

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

The good news is, modern digital hearing aids, while not cheap, ARE becoming more budget friendly, in the same manner 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 think about it, we have a tendency to spend considerably more money on things that simply do not improve our quality of life to the magnitude 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 equals a monthly price of only $83.33 per month. Most people shell out more money on their cable television bill, and that’s why the majority of our patients openly confess that while the initial expense seems large, the monthly cost, relative to the benefit they receive from better hearing, is more than worth it.

So you have to ask yourself, would you be prepared 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 millions of people elect to buy hearing aids.

But once you decide to purchase hearing aids, what are your options for paying for them? Despite conventional beliefs, you have a number of possible options.

Financing options for hearing aids

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

  • Start by speaking to your private insurance provider. While private insurance differs by company and by state, many people discover that their private insurance supplies some type of assistance with hearing aids.
  • Look into using a medical flexible spending account. This is a specialized type of account you can use to put aside money (pre-tax) to pay for out-of-pocket medical costs.
  • 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 specific limited situations.
  • 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 support. If you satisfy the financial criteria, there are a number of charitable organizations that supply hearing aids or financial assistance for hearing aids. We’ll provide some resources for you in the following section.
  • Check out 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. Several 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 live in or to the specific organizations you’re affiliated with. So, in place 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 likely supply some worthwhile results.

You may also want to browse the listing of financial resources from the Better Hearing Institute and the , both of which list programs by state and incorporate lists of numerous charitable organizations.

If you’re still not positive 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!