1. Discuss Hearing Aids Options With Hearing Specialist
While the average costs of hearing aids can be high, there are many hearing aid styles and brands that can be far more affordable options. While not all of these options will work for your degree of hearing loss, there are likely some more affordable hearing aids that our hearing instrument specialist can recommend for your needs.
However, you should keep in mind that the more affordable hearing aids generally don’t have the latest hearing technology such as Bluetooth compatibility, speciality sound processing, and other additions. But, even without the extra add-ons, you can still find good hearing aids for your hearing needs.
2. Contact Your Insurance Provider
Depending on your insurance coverage, you may be able to have part or all of your hearing aids cost taken care of with just a copay from you. We highly recommend that you contact your insurance provider to see what kind of coverage they offer when it comes to hearing aids.
There may be brand-specific restrictions when it comes to what hearing aids are covered. If there are, our hearing specialist can help you find hearing aids that fit your insurers’ requirements.
3. Consider Hearing Aid Financing
Should your insurance not provide complete assistance—or any at all—our hearing clinic offers financing options. Our third-party options through our clinic are Care Credit and Wells Fargo.
The best option is the 12-month, in-interest financing that you can choose to help finance your hearing aids. There are also longer payment plans available, though those options will come with interest.
4. Dip Into HSA Or FSA
If you have a Health Saving Account (HSA) or a Flexible Spending Account (FSA), hearing aids are considered a qualified expense. Since they are a qualified expense, you won’t face a penalty and will not have to pay taxes on the money you use to buy the hearing aids with.
5. Tighten The Budget To Save Up For Hearing Aids
Often, there are areas in a personal budget where excess can be trimmed to help save money more quickly so that you can afford the hearing aids you need. Some areas where you may be able to tighten your budget are:
Reduce how often you eat out and cook fresh at home more often.
Cancel recurring subscriptions. You may be surprised by how many $5-$20 monthly subscriptions to things like magazines and other miscellaneous things you have running.
Trim back on your entertainment outlets, sticking to a couple of low-cost streaming services.
6. Afford Hearing Aids With Charity Assistance
There are a variety of charities who can help either defray the cost of hearing aids or provide them completely for free. Depending on your personal circumstances, you may be eligible to apply to different programs, such as:
Medicaid (only a couple of plans qualify)
US Department of Veterans Affairs
However, often charities have a very long waitlist, so this option may not be the best route to obtain hearing aids.
7. Create A Crowdsourcing Campaign
Reaching out to your social network of family and friends can be a great way to defray the costs of purchasing a set of hearing aids. Also, it can move a lot faster than waiting on a nonprofit to determine if they will help with your hearing aids cost.
There are multiple platforms where you can create a crowdsourcing campaign, from sites like GoFundMe, CrowdMed, and other options. Once these campaigns are live, family and friends far and wide can contribute and help you reach your financial goal that you set for the campaign. Also, well-meaning strangers can contribute to your hearing aids fundraiser.
8. Consider Withdrawing From 401(k)
While there is a penalty if you withdraw from your 401(k) before you are 59 ½, it may be worth the penalty if you need hearing aids to correct severe hearing loss. Also, since many hearing aid users are over the penalty age, tapping into their 401(k) to pay for hearing aids makes sense.
For help with your hearing aid options, feel free to contact us. We are more than happy to help you determine what route is best for you during a consultation with our hearing instrument specialist.