The adage “you get what you pay for” is certainly true of hearing aids, and though present day hearing aids are engineered to be more effective than ever, they’re not exactly inexpensive, either.
Fortunately, modern digital hearing aids, while not cheap, ARE becoming more reasonably priced, in the same manner that most 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 think about it, we tend to spend a lot more cash on things that simply do not improve our quality of life to the degree that a pair of hearing aids can.
Let’s say, for instance, that a pair of hearing aids costs $5,000. Supposing the hearing aids last 5 years, that is equal to a monthly price of only $83.33 per month. Many people spend more money on their cable television bill, and that’s why the majority of our patients freely admit that while the upfront price seems large, the monthly cost, 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 per month to have better conversations and interactions with your family and friends? Most people would, and that’s why millions of people choose to invest in hearing aids.
But once you decide to invest in hearing aids, what are your options for paying for them? In spite of widespread beliefs, you have a range of potential options.
Financing options for hearing aids
The first mistake people make is assuming that no financial assistance is possible. While receiving help can be difficult 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 consulting your private insurance provider. While private insurance differs by company and by state, many people discover that their private insurance offers some form of assistance with hearing aids.
- Consider using a medical flexible spending account. This is a specialized kind of account you can use to set 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 offer benefits in specific limited situations.
- Call your local VA office if you’re a veteran. Veterans may receive benefits that can help partly 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 help. If you meet the financial requirements, there are many charitable organizations that offer hearing aids or financial assistance for hearing aids. We’ll provide some resources for you in the following section.
- Check out 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 institutions you’re affiliated with. Therefore, instead of reading through a long list of resources, it’s best to search for programs specific to your state or situation. For example, conducting a Google search for “hearing aid funding in
You might also want to take a look at the list of financial resources from the
Better Hearing Institute and the Hearing Loss Association of America, both of which list programs by state and include lists of several charitable organizations.
If you’re still not certain 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 well worth it—call us today!