How to Finance the Cost of Hearing Aids

Most insurance companies do not cover the cost of hearing aids. This is because most insurance companies do not view hearing aids as prosthetic devices. This is also true with Medicare. With the costs of hearing aids averaging $1,500 to $4,000 for a single hearing aid, many people find that they must finance their hearing aids. There are the usual routes like securing a loan from the bank or paying for the hearing aids with a credit card, but there are also some alternatives that may not be as obvious.

Instructions

How to Finance the Cost of Hearing Aids

• 1

  Contact your health insurance company and verify whether or not they will cover all or part of a hearing aid. Though most insurance companies will not pay for hearing aids, there is no harm in making a phone call to see if you happen to be lucky enough to have an insurance policy that will pay for a hearing aid.

• 2

  Use a Health Savings Account (HSA) to use pre-tax dollars to pay for the hearing aid. Most major employers will offer an HSA to employees that opt for a high deductible health insurance policy, though it is a benefit that is growing in popularity for employers of all sizes to offer. Though an HSA is only offered via an employer, it is important to note that an individual is actually the owner of the HSA. Therefore, the HSA can follow an individual from one employer to the next. HSAs allow employees to save money on a pre-tax basis for medical expenses. Though the money for the hearing aid must be saved in the HSA before the hearing aid can be purchased, utilizing the HSA to save for the hearing aid will allow a person to purchase a hearing aid sooner because the money is saved on a pre-tax basis.

• 3

  Apply for medical credit with companies such as Medi Credit or Care Credit to pay for the hearing aid. These companies offer lines of credit to be used for medical expenses. It is not uncommon for them to offer a low interest rate for a period of time.