Finding ways to pay for hearing aids can be challenging, particularly if you have a tight budget. Hearing aids cost an average of $1,800 to more than $3,000. It’s a bit too expensive, and that’s why many people forego their chance of being able to hear better. But, nowadays, there are many ways to finance hearing aids, and here are some that will convince you not to miss out on your key to having the better hearing.
Paying $1800 to more than $3000 straight out of pocket seems exorbitant. However, with a credit card that allows you to pay in installments, it may seem like a possible purchase.
There are credit cards specific to health needs, like CareCredit® Credit Card. This credit card gives you several options to pay for your hearing aids with the following:
- Flexible payments;
- Payback period; and
- Automated monthly payments
Aside from the hearing device, this credit card covers comprehensive exams, hearing tests, tinnitus care, and implants. It takes just a few minutes to apply for CareCredit, and you’ll receive an immediate credit decision. Plus, the incredible thing is upon approval, you can pay for hearing care immediately.
Original Medicare policy doesn’t cover the cost of getting hearing aids, but if you have a Medicare Advantage plan, this policy might pay for the device. Private insurance companies offer Medicare Advantage plans to replace Original Medicare. Dental, vision, and hearing coverage are additional benefits of Medicare Advantage plans.
88% of Medical Advantage plans can cover the cost of getting hearing aids for seniors. You may check it out with your provider or read Hella Health’s guide on Medicare’s coverage for hearing aids to know more.
Obamacare and the Affordable Care Act
Some states offer coverage for hearing aids and related services under the Affordable Care Act.
According to the Affordable Care Act, Americans have access to many new benefits, rights, and protections, which ensure they have access to health care when needed. You may find more information on which states offer this benefit from the Department of Health and Human Services and the Hearing Loss Association of America.
Healthcare Flexible Spending Accounts
FSAs are employer-sponsored benefits that let employees set aside pre-tax dollars for eligible healthcare costs. The money contributed to the plan is exempt from both federal income tax and social security tax. Unused funds do not typically carry over to the following calendar year, so you must use them before expiration. Moreover, this account allows for reimbursement of the cost of hearing aids and batteries.
State Vocational Rehabilitation Programs
Many programs and foundations provide financial assistance for hearing aids to low-income people. You should contact your state’s vocational rehabilitation department to determine if there are any city, county, or state programs or local civic organizations that may be able to assist you. You may also find a list of vocational rehabilitation programs by the state at http://parac.org/svrp.html.
Hearing aids are life-changing devices. They don’t only improve your hearing but also your mood, productivity, and emotional well-being. They might be expensive, but the cost shouldn’t hinder you from getting them if you need one. There are many financing options; you may start by trying the ones on this list.