Hearing loss and other hearing-related conditions a very common. Roughly 48 million Americans have some type of hearing loss. But unfortunately, only 1 in 5 individuals who could benefit from a hearing aid actually have one.
The primary reason for this is because of the cost of hearing aids. Hearing devices are a bit expensive and hearing aid coverage is not something that's offered by most insurance policies.
The good news is, there are alternative hearing aid financing options available.
If you're looking for information on how to pay for hearing aids, keep reading the information below.
Hearing Aid Financing Options
Depending on the technology you require for your hearing aid, the device could cost $1,000 to $6,000 per ear.
Although most insurance providers don't offer coverage for hearing aids, you can sometimes add additional hearing coverage. It'll usually pay for hearing tests and hearing aid fittings, but not the devices themselves.
Depending on your plan, the insurance may also pay a portion of the cost of the hearing aid. Usually, it's a small amount like up to $500 for the cost of both devices combined.
Obviously, that's not enough, so you must use an alternative payment option, such as the following:
Loans for Hearing Aids
If you can't afford the cost of hearing aids, getting a loan it's a good choice. It allows you to get the money you need upfronts to cover the amount of the devices and pay the money back in installments.
Using a loan service like Pay My Medical provides financial help for hearing devices such as ADA compliant kiTs, hearing aids, and hearing technology for kids.
The loan offers are up to $25,000. Plus, we offer the following:
Affordable monthly installments
No prepayment penalty
Interest rates better than the competition
A variety of long-term playing options
Interest-free financing based on approved credit and provider participation.
Having a steady income of a minimum of $1,000 per month after taxes are the two main requirements for approval. If you don't have any other means of getting a hearing aid, this loan is a great option.
Flexible Spending Account
A Flexible Spending Account (FSA) is a good alternative for hearing aid financing. If you are still working, some employers offer a flexible spending account to employees. It provides additional funds for paying out-of-pocket medical expenses.
With an FSA account, you put aside funds either monthly, every other month, or whenever you see fit. Some employers even help to contribute to flexible spending accounts as well.
If this is an option for you, use part of the funds towards the hearing aids. If your FSA hasn't accumulated enough money, you can combine it with a loan from Pay My Medical to get the full amount for the hearing devices.
Additionally, a Health Savings Account (HSA) works as well. They are designed to cover additional medical expenses and provide extra funds for things high deductibles. If you have an HSA, you can also withdraw from it to get a hearing device.
Medicare and Medicaid
Medicare doesn't usually cover hearing aids. However, you may have some coverage options depending on your hearing loss condition, and if you have a Medicare Advantage Plan.
Some advantage plans offer additional hearing coverage, so it's a smart idea to see what kind of help they could provide. Again, they probably won't cover the full cost, but you could always get a loan for the remaining balance.
In regards to Medicaid, hearing aid coverage differs from state-to-state. Also, the eligible for hearing devices can change at any time.
To find out if you qualify for Medicaid coverage for hearing aids in your state, call your insurance provider. You can also reach out to your state's Medicaid program for additional information.
The Department of Veteran Affairs
The VA purchases and provides many of the hearing aids in the USA. If you are a veteran, ask your local VA office if you have the benefits for hearing devices.
If there is not full coverage available, ask if there are any discounts on the cost of hearing aid financing.
If you're not a veteran or you don't have enough benefits to cover the full amount of your hearing device, remember there are loans for hearing aids.
A Credit Card
Using a credit card to pay for hearing aids is a quick and easy option. However, if you don't have the credit line to cover the entire amount, or if you don't want to max out your credit cards, then you may have to look for other alternatives.
Pairing your credit card funds with a loan is another way to pay for hearing devices. Plus, if your card has no interest or a low-interest rate, then charging the cost your hearing aids might be a smart move.
Look for Discounts
Shop around when you're looking for hearing aids. Some suppliers may have a better deal than others.
Also, some hearing doctors may offer a lower choice if you buy the devices from an associated retailer. Don't be afraid to ask questions and search for the best price.
How to Apply for Hearing Aids: A Trusted Loan Option
Hearing aid financing doesn't have to be difficult. With a loan from Pay My Medical, you can get the funds you need for better hearing.
When it comes to your ear health, making sure that you have the device that you need can benefit you greatly.
Our automated application will connect you with a lender that's willing to provide financing for your dental work. Upon approval, funds will be sent and you can get your hearing aids as soon as possible.
If you have questions about our services contact us online.
We look forward to helping you get the hearing services you need!