The adage “you get what you pay for” is definitely true of hearing aids, and though the latest hearing aids are designed 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 affordable, 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 far more money on things that simply do not raise our quality of life to the magnitude that a pair of hearing aids can.
Let’s say, as an 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 tv bill, and that’s why most of our patients readily admit that while the initial cost seems high, the monthly price, relative to the benefit they receive from improved hearing, is more than worth the money.
So you have to ask yourself, would you be prepared to invest less than 100 dollars per month to have better conversations and relationships with your family and friends? Most people would, and that’s why so many people elect to invest in hearing aids.
But once you make a decision to buy hearing aids, what are your methods for paying for them? In spite of common beliefs, you have many potential options.
Financing options for hearing aids
The very first mistake people make is assuming that no financial help is available. Although receiving help can be frustrating at times, there are in fact an assortment of resources that you should inquire about before choosing to hand over a full cash payment. The following are some of the steps we suggest taking:
- Begin 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.
- Think about utilizing a medical flexible spending account. This is a specialized 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 common way to help pay for hearing aids, but Medicare and Medicaid do provide benefits in specific limited scenarios.
- 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 support. If you satisfy the financial requirements, there are a number of charitable organizations that provide hearing aids or financial assistance for hearing aids. We’ll provide some resources for you in the next section.
- Check your state’s vocational rehabilitation program. If hearing aids are necessary 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.
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 associated 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 instance, conducting a Google search for “hearing aid funding in
You might also want to browse 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 get started, 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—give us a call today!