The adage “you get what you pay for” is certainly true of hearing aids, and while modern-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 budget friendly, in the same way that the majority of 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 have a tendency to spend considerably more cash on things that simply do not improve our quality of life to the level 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 is equal to a monthly price of only $83.33 per month. Most people spend more money on their cable television bill, and that’s why the majority of our patients readily 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 willing to devote less than 100 dollars 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 decide to purchase hearing aids, what are your methods for paying for them? In spite of conventional beliefs, you have a range of potential options.
Financing options for hearing aids
The initial mistake people make is assuming that no financial aid is possible. Although acquiring assistance can be frustrating at times, there are in fact quite a few resources that you should inquire about before making a decision to hand over a full cash payment. The following are some of the steps we suggest taking:
- Start by consulting 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 using a medical flexible spending account. This is a special type 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 likely way to help pay for hearing aids, but Medicare and Medicaid do provide benefits in certain limited circumstances.
- Call your local VA office if you’re a veteran. Veterans may obtain benefits that can help partially or completely pay for hearing aids. Check with your local VA office for more information.
- Search for charitable organizations that offer hearing aids or financial help. If you meet the financial criteria, there are numerous charitable organizations that supply hearing aids or financial assistance for hearing aids. We’ll provide some resources for you in the next section.
- Check 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 exist, 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 reside in or to the specific organizations you’re affiliated with. Therefore, instead of browsing a long list of resources, it’s best to search for programs specific to your state or situation. For instance, carrying out a Google search for “hearing aid funding in ” or “hearing aid assistance for veterans” will most 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 several 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 find the financing option that works best for you. Your hearing is worth it—call us today!