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 cheap, either.
Fortunately, modern digital hearing aids, while not cheap, ARE becoming more affordable, in the same manner that the majority of 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 think about it, we have a tendency to spend far more money on things that simply do not boost 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. Presuming the hearing aids last 5 years, that equates to a monthly price of only $83.33 per month. Many people spend more money on their cable tv bill, and that’s why most of our patients freely admit that while the upfront price seems high, the monthly price, relative to the benefit they receive from improved hearing, is more than worth the cost.
The question is, 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 so many people choose to purchase hearing aids.
But once you elect to purchase hearing aids, what are your methods for paying for them? In spite of popular beliefs, you have many possible options.
Financing options for hearing aids
The very first mistake people make is assuming that no financial support is available. While acquiring assistance can be difficult at times, there are in fact a variety 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:
- Start by calling your private insurance provider. While private insurance differs by company and by state, many people discover that their private insurance offers some type 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 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 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 totally pay for hearing aids. Check with your local VA office for additional information.
- Search for charitable organizations that provide hearing aids or financial assistance. If you meet the financial criteria, there are numerous charitable organizations that provide hearing aids or financial assistance for hearing aids. We’ll share some resources for you in the next section.
- Check 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. Several programs exist, 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 name, and many programs are specific to the state you reside in or to the specific institutions 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, conducting a Google search for “hearing aid funding in
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 incorporate lists of several charitable organizations.
If you’re still not certain 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—give us a call today!