The adage “you get what you pay for” is definitely true of hearing aids, and although the latest hearing aids are designed to be more effective than ever, they’re not exactly cheap, 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 think about it, we have a tendency to spend much more money on things that simply do not enrich 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. 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 healthier hearing, is more than worth it.
So you have to ask yourself, would you be willing to spend less than 100 dollars per month to have better conversations and relationships with your close friends and family? Most people would, and that’s why millions of people choose to buy hearing aids.
But once you elect to invest in hearing aids, what are your methods for paying for them? Despite common beliefs, you have many potential options.
Financing options for hearing aids
The first mistake people make is assuming that no financial aid is possible. While obtaining help can be difficult at times, there are in fact a number of resources that you should inquire about before making a decision to hand over a full cash payment. Here are some of the steps we recommend taking:
- Start by contacting your private insurance provider. While private insurance differs by company and by state, many people find that their private insurance supplies some type of assistance with hearing aids.
- Think about the use of a medical flexible spending account. This is a special type of account you can use to set 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 certain 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 additional information.
- Search for charitable organizations that supply hearing aids or financial aid. If you satisfy the financial criteria, there are various charitable organizations that provide 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. Numerous 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 list, and many programs are specific to the state you live in or to the specific organizations you’re affiliated with. Therefore, rather than browsing a long list of resources, it’s best to search for programs specific to your state or circumstances. For example, performing a Google search for “hearing aid funding in ” or “hearing aid assistance for veterans” will most likely supply some beneficial results.
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 numerous charitable organizations.
If you’re still not certain where to begin, or are having difficulty 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 worth it—give us a call today!