The maxim “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 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 flat screen 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 considerably more money on things that simply do not enhance our quality of life to the magnitude that a pair of hearing aids can.
Let’s say, for example, that a pair of hearing aids costs $5,000. Assuming the hearing aids last 5 years, that equates 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 openly confess that while the upfront expense seems high, the monthly expense, relative to the benefit they receive from better hearing, is more than worth the cost.
So you have to ask yourself, would you be prepared to devote less than 100 dollars 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 buy hearing aids.
But once you decide to purchase hearing aids, what are your methods for paying for them? Despite common beliefs, you have a number of possible options.
Financing options for hearing aids
The very first mistake people make is assuming that no financial assistance is possible. Even though receiving assistance can be challenging at times, there are in fact quite a few resources that you should inquire about before choosing to hand over a full cash payment. Here are some of the steps we suggest taking:
- Begin by calling your private insurance provider. While private insurance varies by company and by state, many people discover that their private insurance supplies some type of assistance with hearing aids.
- Look into utilizing a medical flexible spending account. This is a special kind 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 likely way to help pay for hearing aids, but Medicare and Medicaid do supply benefits in certain limited situations.
- Contact your local VA office if you’re a veteran. Veterans may receive benefits that can help partly or totally pay for hearing aids. Check with your local VA office for more information.
- Search for charitable organizations that grant hearing aids or financial help. If you meet the financial criteria, there are numerous charitable organizations that offer hearing aids or financial assistance for hearing aids. We’ll share some resources for you in the following section.
- Check your state’s vocational rehabilitation program. If hearing aids are required 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 functions 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 associated with. So, instead of reading through a long list of resources, it’s best to search for programs specific to your state or circumstances. For instance, performing a Google search for “hearing aid funding in ” or “hearing aid assistance for veterans” will likely supply some valuable 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 incorporate lists of various charitable organizations.
If you’re still not positive where to get started, 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 find the financing option that works best for you. Your hearing is worth it—call us today!