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How to finance new hearing aids

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How to finance new hearing aids

Some things in life deserve an upgrade. Your wardrobe, your car, your hearing aid. Yes, even your hearing aid needs an upgrade from time to time. Hearing aids, especially high quality hearing aids, are worth the upgrade. You may be hesitant to make the investment, which is understandable, but upgrading your hearing aids is easier and more affordable than you may think! 

The cost of upgrading your hearing aids

When it comes to the cost of new hearing aids, the main things to consider – in addition to size, style, and features – include:

  • Level of technology
  • Ongoing services
  • Your budget

Below we outline these factors in a little more detail, and discuss how you can use them to strategize financing a new pair of hearing aids.  

Hearing aid technology

One of the biggest factors to consider when upgrading your hearing aids is the level of technology. Hearing aids equipped with the latest and newest technology tend to be higher in price than models with less advanced features. For example, custom in the ear (ITE) hearing aids tend to cost more than their behind the ear (BTE) counterparts. Your audiologist will be able to help you decide which hearing aids best suite your needs for your lifestyle. 

Hearing aid services

Another factor to consider when upgrading or purchasing new hearing aids is the level of ongoing services and aftercare options. Here are a few questions to ponder before upgrading your hearing aids:

  • Does the overall cost of your hearing aid include free cleanings?
  • What about walk-in repair services?
  • Can you easily schedule an appointment?
  • Does your hearing care provider check in with you periodically to ensure your technology is still working properly?
  • Is there a warranty included? What will it cover and how long does it last?

Some hearing aid options are very intricate and may require extra attention and adjustments to ensure optimal performance. Therefore, you may want to inquire if regular maintenance and repair are included in the overall price of your new hearing aids. Connect Hearing provides a 3-year manufacturer repair warranty as well as 3 years’ loss and damage coverage. 

Budgeting for hearing aids

Of course the most important factor to consider when upgrading your hearing aid is your budget. Like a car or house, it’s important to take quality and your personal preferences into account – in addition to price. Remember, this is not just an investment in a hearing aid, but an investment in yourself and your overall hearing health. Upgrading your hearing aids may even save you from higher medical bills in the future, so don’t hesitate to upgrade. 

How to finance hearing aids

There are multiple ways to finance your hearing aid upgrade. Below are just a few them.  

Medicare and Medicaid

Viewing hearing test results with doctorYou may be asking yourself, “Does Medicare or Medicaid cover the costs of a hearing aid upgrade?” It depends on your specific plan. Medicare does not cover hearing aids, but Medicare Part C may provide additional coverage for your hearing aids. (Medicare only covers hearing exams if ordered by your doctor).

On the other hand, Medicaid coverage for the cost of hearing aids varies by states. The good news is 50% of the states in the U.S. include some sort of hearing coverage like hearing tests, exams, hearing aid replacement, repairs, hearing aid batteries, and other hearing aid accessories.

Additionally, many supplementary insurance plans cover the cost of hearing care as well. 

Health savings accounts (HSA)

Just like with FSAs, health savings accounts cover the cost of hearing aids and their batteries. Unlike FSAs, money in your HSA rolls over each year allowing you to save more money toward the cost of upgrading your hearing aids.

According to the AARP, some other hearing aid financing options include medical flexible spending accounts, veteran benefits, federal employee assistance, nonprofits, private insurers, the Affordable Care Act, and Health Reimbursement Accounts (HRA). Take some time to research which options are available to you or call one of our Connect Hearing Health Consultants. 

Provider payment plans

In addition to insurance plans, many hearing care providers provide flexible hearing aid financing options that allow you to spread your hearing device payments out over time. This way, you don’t have to sacrifice quality for affordability - you can get the hearing device that meets your specific needs.

If you’re considering a hearing aid upgrade, our Connect Advantage Program provides affordable payment plans and generous warranties for all devices. Contact your local Connect Hearing provider to learn more. 

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