The adage “you get what you pay for” is especially true of hearing aids, and while present day hearing aids are engineered to be more effective than ever, they’re not exactly cheap, either.
Thankfully, 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 high-definition TV cost $1,200 in 1999; it costs just $84 today). And when you think about it, we tend to spend far more money on things that simply do not enrich our quality of life to the magnitude that a pair of hearing aids can.
Let’s say, for instance, that a pair of hearing aids costs $5,000. Presuming the hearing aids last 5 years, that equals a monthly cost of only $83.33 per month. Most people shell out more money on their cable television 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 better hearing, is more than worth the cost.
The question is, would you be prepared to spend 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 decide to buy hearing aids.
But once you elect to buy hearing aids, what are your options for paying for them? In spite of widespread beliefs, you have a number of possible options.
Financing options for hearing aids
The initial mistake people make is assuming that no financial assistance is possible. Although finding assistance can be frustrating at times, there are in fact quite a few resources that you should inquire about before deciding to hand over a full cash payment. The following are some of the steps we recommend taking:
- Begin by contacting your private insurance provider. While private insurance differs by company and by state, many people find that their private insurance offers some type of assistance with hearing aids.
- Look into the use of 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 expenses.
- Check out your Medicare and Medicaid benefits. This is not the most likely way to help pay for hearing aids, but Medicare and Medicaid do provide benefits in certain limited situations.
- Contact 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 supply hearing aids or financial aid. If you satisfy the financial requirements, there are a number of 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 required 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 try 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 circumstances. For example, executing a Google search for “hearing aid funding in ” or “hearing aid assistance for veterans” will likely supply some worthwhile results.
You might also want to check out 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 various charitable organizations.
If you’re still not sure where to begin, or are having a hard time 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 well worth it—call us today!