Hearing Care Specialists - Hopkins, Glencoe, and Watertown, MN

Hearing Aid Financing

The maxim “you get what you pay for” is definitely true of hearing aids, and although modern hearing aids are engineered 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 manner 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 think about it, we tend to spend far more money on things that simply do not raise 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. Presuming the hearing aids last 5 years, that is equal to a monthly cost of only $83.33 per month. Most people shell out more money on their cable tv bill, and that’s why the majority of our patients openly confess that while the upfront expense seems large, the monthly cost, relative to the benefit they receive from improved hearing, is more than worth the money.

The question is, would you be willing to spend less than $100 per month to have better conversations and relationships 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 elect to purchase hearing aids, what are your options for paying for them? Despite popular beliefs, you have many possible options.

Financing options for hearing aids

The very first mistake people make is assuming that no financial help is available. While receiving assistance can be frustrating at times, there are in fact a range 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 recommend taking:

  • Begin by calling your private insurance provider. While private insurance varies by company and by state, many people find that their private insurance supplies some form 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 common 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 partially 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 help. If you meet the financial criteria, there are numerous charitable organizations that provide hearing aids or financial assistance for hearing aids. We’ll share some resources for you in the next 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.

Additional resources

There are far too many options and resources to name, and many programs are specific to the state you live in or to the specific institutions you’re affiliated with. So, rather than browsing a long list of resources, it’s best to search for programs specific to your state or situation. For example, performing 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 incorporate 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 find the financing option that works best for you. Your hearing is well worth it—call us today!

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