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Hearing Aid Financing

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

Thankfully, modern digital hearing aids, while not cheap, ARE becoming more affordable, in the same way that the majority of 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 have a tendency to spend a lot more money on things that simply do not enrich 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. Assuming 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 tv bill, and that’s why the majority of our patients readily admit that while the upfront cost seems high, the monthly expense, relative to the benefit they receive from improved hearing, is more than worth it.

The question is, would you be prepared to spend less than $100 per month to have better conversations and interactions with your close friends and family? Most people would, and that’s why so many people choose to purchase hearing aids.

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

Financing options for hearing aids

The very first mistake people make is assuming that no financial support is possible. Although obtaining assistance can be challenging at times, there are in fact an assortment of resources that you should inquire about before choosing to hand over a full cash payment. Here are some of the steps we recommend taking:

  • Begin by speaking to your private insurance provider. While private insurance varies by company and by state, many people find that their private insurance supplies some form of assistance with hearing aids.
  • Consider utilizing a medical flexible spending account. This is a special type of account you can use to put aside money (pre-tax) to pay for out-of-pocket medical expenses.
  • Check your Medicare and Medicaid benefits. This is not the most likely way to help pay for hearing aids, but Medicare and Medicaid do provide benefits in specific limited circumstances.
  • Call your local VA office if you’re a veteran. Veterans may obtain 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 grant hearing aids or financial help. If you satisfy the financial criteria, there are various charitable organizations that offer hearing aids or financial assistance for hearing aids. We’ll provide some resources for you in the following section.
  • Check 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. Several programs exist, 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 reside in or to the specific organizations you’re affiliated with. Therefore, instead of browsing a long list of resources, it’s best to search for programs specific to your state or circumstances. For instance, carrying out a Google search for “hearing aid funding in ” or “hearing aid assistance for veterans” will likely supply some valuable results.

You may also want to take a look at the listing of financial resources from the Better Hearing Institute and the , both of which list programs by state and include lists of numerous charitable organizations.

If you’re still not certain where to get started, 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 discover the financing option that works best for you. Your hearing is well worth it—call us today!

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