The maxim “you get what you pay for” is definitely true of hearing aids, and while modern hearing aids are designed to be more effective than ever, they’re not exactly inexpensive, either.
Fortunately, 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 have a tendency to spend a lot more cash on things that simply do not enhance our quality of life to the level 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 is equal to a monthly price of only $83.33 per month. Most people spend more money on their cable tv bill, and that’s why most of our patients readily admit that while the initial expense seems large, the monthly cost, relative to the benefit they receive from healthier hearing, is more than worth it.
The question is, would you be prepared to devote less than $100 per month to have better conversations and relationships with your loved ones? Most people would, and that’s why millions of people decide to buy hearing aids.
But once you elect to invest in hearing aids, what are your methods for paying for them? In spite of popular beliefs, you have a number of possible options.
Financing options for hearing aids
The initial mistake people make is assuming that no financial help is available. Although obtaining assistance can be difficult at times, there are in fact quite a few resources that you should inquire about before deciding to hand over a full cash payment. Here are some of the steps we recommend 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 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 common way to help pay for hearing aids, but Medicare and Medicaid do supply benefits in specific limited situations.
- 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 additional information.
- Search for charitable organizations that supply hearing aids or financial aid. If you meet the financial criteria, there are numerous charitable organizations that offer 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 required for employment, your state may help you pay for them through its vocational rehabilitation program.
- Consider financing your hearing aids. Several programs can be found, including CareCredit, which works like a credit card but is exclusive to healthcare services.
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 affiliated 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, conducting a Google search for “hearing aid funding in
You may also want to browse the list of financial resources from the Better Hearing Institute and the , both of which list programs by state and incorporate lists of numerous charitable organizations.
If you’re still not certain where to start, 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!