The adage “you get what you pay for” is definitely true of hearing aids, and though modern hearing aids are designed to be more effective than ever, they’re not exactly cheap, either.
Fortunately, modern digital hearing aids, while not cheap, ARE becoming more affordable, in the same way 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 considerably more money on things that simply do not enhance our quality of life to the degree 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 equals 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 cost seems large, the monthly cost, relative to the benefit they receive from healthier hearing, is more than worth the money.
The question is, would you be prepared to commit less than $100 per month to have better conversations and relationships with your family and friends? Most people would, and that’s why so many people choose to purchase hearing aids.
But once you elect to invest in hearing aids, what are your options for paying for them? Despite popular beliefs, you have many potential options.
Financing options for hearing aids
The initial mistake people make is assuming that no financial support is available. While finding assistance can be difficult at times, there are in fact numerous 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 consulting your private insurance provider. While private insurance varies by company and by state, many people discover that their private insurance offers some type of assistance with hearing aids.
- Think about the use of a medical flexible spending account. This is a specialized type 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 common way to help pay for hearing aids, but Medicare and Medicaid do offer benefits in certain limited scenarios.
- Call your local VA office if you’re a veteran. Veterans may obtain 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 grant hearing aids or financial help. If you satisfy the financial conditions, there are a number of 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 employment, 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. So, in place of reading through a long list of resources, it’s best to search for programs specific to your state or circumstances. For instance, executing a Google search for “hearing aid funding in ” or “hearing aid assistance for veterans” will likely provide some valuable results.
You might also want to check out 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 include lists of various charitable organizations.
If you’re still not positive where to start, 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—give us a call today!