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McDonald Hearing Services - Grand Rapids, MI

Hearing Aid Financing

The saying “you get what you pay for” is definitely true of hearing aids, and though modern-day hearing aids are designed to be more effective than ever, they’re not exactly cheap, either.

Luckily, modern digital hearing aids, while not cheap, ARE becoming more inexpensive, in the same manner 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 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 instance, that a pair of hearing aids costs $5,000. Supposing the hearing aids last 5 years, that equates to a monthly cost of only $83.33 per month. Most people spend more money on their cable tv bill, and that’s why the majority of our patients openly admit that while the upfront price seems large, the monthly price, relative to the benefit they receive from improved hearing, is more than worth it.

So you have to ask yourself, would you be prepared to commit less than $100 per month to have better conversations and interactions with your family and friends? Most people would, and that’s why so many people choose to purchase hearing aids.

But once you make a decision to purchase hearing aids, what are your options for paying for them? Despite widespread beliefs, you have a variety of potential options.

Financing options for hearing aids

The first mistake people make is assuming that no financial support is available. Even though finding assistance can be frustrating at times, there are in fact an assortment of resources that you should inquire about before choosing to hand over a full cash payment. The following are some of the steps we suggest taking:

  • Begin by contacting your private insurance provider. While private insurance varies by company and by state, many people discover that their private insurance provides 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 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 common way to help pay for hearing aids, but Medicare and Medicaid do provide benefits in specific limited scenarios.
  • Call your local VA office if you’re a veteran. Veterans may obtain benefits that can help partially or totally 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 conditions, there are various charitable organizations that supply hearing aids or financial assistance for hearing aids. We’ll share some resources for you in the following section.
  • Check out 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 functions like a credit card but is exclusive to healthcare services.

Additional resources

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 institutions you’re associated with. Therefore, in place of browsing 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 ” or “hearing aid assistance for veterans” will likely supply some helpful results.

You may also want to browse 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 incorporate lists of several charitable organizations.

If you’re still not sure 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 find the financing option that works best for you. Your hearing is well worth it—call us today!