Hearing aids are a necessary cost for millions of Americans; understanding your options when it comes to paying for them is important.
How Much Do Hearing Aids Cost?
The cost of hearing aids varies based on the type of technology and features the hearing aid offers, the severity of hearing loss you’re experiencing, the style of the hearing aid, and where you purchase the hearing aids from; taking into account all of these factors, the average cost of hearing aids ranges from $2000 to $7000. Some OTC (Over-The-Counter) hearing aids may seem very affordable, but these types of hearing aids rarely help those with hearing loss and often compound, or worsen, the hearing impairment being experienced, especially in those with severe hearing loss.
Before considering purchasing hearing aids, make sure that you’ve completed a full hearing test with an audiologist to understand your hearing loss and know what options there are to help with it.
Once you’ve completed a hearing test, and have diagnosed hearing loss, you can begin considering which hearing aids will work best with your lifestyle. Again, speaking with an experienced audiologist who knows hearing aid technology can help make this decision easier for you. Once you know the type of hearing aids you’re going to purchase, you can decide if financing your hearing aids is appropriate.
Financing Hearing Aids
Financing hearing aids may be a good choice because it allows you to obtain the hearing devices and start improving your life right away without saving up for the full cost.There are many reasons someone may choose to finance hearing aids. Aside from not needing to pay the full cost up front, financing lets you spread payments out over time, and you may even be able to secure 0% interest for up to one year.
At Hearing Solution Centers, we work with your insurance company first to see what portion of the cost will be covered. Then we may recommend a 0% interest financing plan for 12 months (depending on your credit score) through a healthcare credit card company like Care Credit. We always advise our clients to pay equal payments over those 12 interest months, so at the end of the interest period, your hearing aids are paid off.
Many credit card companies do not highlight the importance of using that 0% interest timeframe to make equal payments towards the cost of your hearing aids, as they hope to charge you interest on the remaining balance once that period is over. However, whenever financing is discussed, our team will explain the importance of taking advantage of the zero interest. Hearing Solution Centers also offers our own financing options based on your credit history. The average cost for hearing aids financed through us for 48 months is between $73 and $215 per month.
Other Payment Options to Contemplate
While Hearing Solution Centers and some healthcare credit card companies like Care Credit do offer a number of options for financing, there are still some other options you can explore when paying for hearing aids. These other options include:
Private Health Insurance: While Hearing Solution Centers will always check with your healthcare company regarding hearing aid coverage, you should check your individual coverage by calling the member services line on your insurance card as well. Some private healthcare companies cover full or partial hearing aid costs as well as hearing tests.
HSA: Health Saving Accounts are medical saving plans that you can add money to, tax , then use for medical or healthcare related purchases that insurance does not cover.
Medicaid: Eligibility for hearing aid coverage under Medicaid differs depending on which state you live in. You can check which benefits are available to you by visiting www.benefits.gov.
The Department of Rehabilitation Services can also be a possible source for assistance with hearing aid costs if you meet financial criteria and are currently employed or seeking employment.
The Advantages of Hearing Aids
While hearing aids are an added cost to your budget, they are not something that should be considered optional. Hearing aids improve your communication and connection with those in your family and community by reducing isolation. They help make you more aware of what’s happening around you as well as more engaged with your environment. They also maintain cognitive health by reducing brain strain and slowing cognitive decline.
If you’ve received a diagnosis that requires hearing aids to help, make sure to know what options there are available to ensure you’re not missing out on life.
Reach out to Hearing Solution Centers today to schedule a hearing test or discuss hearing aid options and financing!