The maxim “you get what you pay for” is definitely true of hearing aids, and though modern-day hearing aids are engineered 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 reasonably priced, in the same way that the majority of 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 tend to spend considerably more money 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 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 shell out more money on their cable television bill, and that’s why the majority of our patients readily confess that while the upfront expense seems large, the monthly price, relative to the benefit they receive from healthier hearing, is more than worth the money.
So you have to ask yourself, would you be prepared to invest less than 100 dollars per month to have better conversations and interactions with your close friends and family? Most people would, and that’s why so many people elect to invest in hearing aids.
But once you make a decision to invest in hearing aids, what are your methods for paying for them? Despite popular beliefs, you have a range of possible options.
Financing options for hearing aids
The first mistake people make is assuming that no financial support is possible. Even though finding help can be challenging at times, there are in fact an assortment 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 suggest taking:
- Begin by talking to your private insurance provider. While private insurance differs by company and by state, many people find that their private insurance provides some type of assistance with hearing aids.
- Consider using 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 your Medicare and Medicaid benefits. This is not the most common way to help pay for hearing aids, but Medicare and Medicaid do supply benefits in specific limited circumstances.
- 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 additional information.
- Search for charitable organizations that provide hearing aids or financial support. If you meet the financial conditions, there are many charitable organizations that provide 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 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 functions 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 associated with. Therefore, rather than reading through 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
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 a variety of charitable organizations.
If you’re still not positive where to get started, 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 well worth it—call us today!