Hearing Aid Financing

The maxim “you get what you pay for” is certainly true of hearing aids, and although contemporary 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 way 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 much more money on things that simply do not increase 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. Assuming the hearing aids last 5 years, that equals a monthly price of only $83.33 per month. Most people spend more money on their cable television bill, and that’s why the majority of our patients freely admit that while the upfront price seems high, the monthly expense, 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 dollars per month to have better conversations and interactions with your family and friends? Most people would, and that’s why millions of people choose to invest in hearing aids.

But once you decide to invest in hearing aids, what are your methods for paying for them? In spite of popular beliefs, you have a number of potential options.

Financing options for hearing aids

The very first mistake people make is assuming that no financial help is possible. Even though obtaining help can be difficult at times, there are in fact an assortment 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 provides some form of assistance with hearing aids.
  • Consider the use of a medical flexible spending account. This is a specialized 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 specific limited circumstances.
  • Call your local VA office if you’re a veteran. Veterans may receive benefits that can help partially 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 assistance. If you satisfy the financial criteria, there are many charitable organizations that provide hearing aids or financial assistance for hearing aids. We’ll share some resources for you in the following section.
  • Check out 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 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 list, and many programs are specific to the state you live in or to the specific organizations you’re associated with. Therefore, instead of browsing a long list of resources, it’s best to search for programs specific to your state or circumstances. For example, carrying out 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 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 include lists of numerous 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 worth it—call us today!

We accept all major insurance, VA Vouchers, and workers compensation cases.
We also accept all Avesis products for hearing services which include Molina Medicare Advantage - Health 2017 and Care N' Care Hearing 2017. We also accept all donations of used hearing aids!
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