Hearing Aid Financing

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

Luckily, modern digital hearing aids, while not cheap, ARE becoming more reasonably priced, 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 stop to think about it, we tend to spend a lot more money on things that simply do not increase 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. Presuming the hearing aids last 5 years, that equals a monthly cost of only $83.33 per month. Many people spend more money on their cable tv bill, and that’s why the majority of our patients freely confess that while the initial expense seems large, the monthly price, 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 dollars per month to have better conversations and relationships with your loved ones? Most people would, and that’s why millions of people choose to buy hearing aids.

But once you decide to purchase hearing aids, what are your methods for paying for them? In spite of 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. Although receiving assistance can be challenging at times, there are in fact quite a few resources that you should inquire about before making a decision to hand over a full cash payment. The following are some of the steps we suggest taking:

  • Start by speaking to your private insurance provider. While private insurance varies by company and by state, many people find that their private insurance offers 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 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 likely way to help pay for hearing aids, but Medicare and Medicaid do offer benefits in certain limited instances.
  • Call your local VA office if you’re a veteran. Veterans may receive benefits that can help partially or totally pay for hearing aids. Check with your local VA office for more information.
  • Search for charitable organizations that provide hearing aids or financial aid. If you meet the financial requirements, there are many charitable organizations that offer 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 necessary for work, 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 functions like a credit card but is exclusive to healthcare services.

Additional resources

There are far too many options and resources to name, and many programs are specific to the state you reside in or to the specific organizations you’re associated with. So, rather than reading through a long list of resources, it’s best to search for programs specific to your state or situation. For instance, performing a Google search for “hearing aid funding in ” or “hearing aid assistance for veterans” will likely supply some helpful results.

You might also want to check out 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 various charitable organizations.

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