The Average Cost of Hearing Aids and 5 Ways to Cut the Hearing Aid CostPublished On: 15th August 2018
Last Updated On: 16th August 2018
Like any other medical equipment and devices, hearing aids are significantly important investments. As for all other things – in this case, as well – you will get what you pay for.
Usually, all hearing professionals have financing plans to facilitate you in buying this important medical equipment. You may also get some discounts using your insurance and other resources.
The price of a hearing aid basically depends on the specific style of the hearing aid, brand and the features included that you want for your needs. Like almost every thing, from tires to mobile phones, and from watches to televisions. Every single thing has its ranking in terms of brand, quality, features or all of what was mentioned.
In fact, when you consider what was mentioned, it would really add up to the cost of the hearing device especially if most of what was said is already in a single device. There is a high advantage for this hearing device to last and work for a really long time.
When you approach a hearing professional, you will be properly guided when it comes to brand, quality and product specifications. If the hearing device does not allow you to tweak it through your mobile device or computer, the audiologist, who is the hearing professional, will be responsible in calibrating the hearing aid requirements specific with the features.
Let’s say you have a socially active life, you may need hearing aids with advanced, automated, and discreet features. On the other hand, if you spend most of your time pursuing your activities quietly, a hearing aid with basic features and cheaper cost would be a better choice for you.
No matter what your situation is, hearing aids can enhance the quality of your life dramatically – bringing you back in touch of people and to the activities you enjoy. Depending on the circumstances, using hearing aids can really boost your confidence with your daily activities and encounters.
Whatever is the situation, people find using it a great opportunity to stay connected with people.
Average Cost of Hearing Aids
The average cost of one digital hearing aid ranges from $1500 to $3500. If you take the cost of a top range digital hearing aid which is $3199.40 and divide it in 5 years, which is the expected minimum lifespan of a hearing aid, the amount you come would be at $639.88/year or $53.88/month.
Looking at this amount. It is incomparable to the amount that people would spend on movies, movie rentals, cables, magazines, etc., on a regular basis. However, many people still find it difficult to get hearing aids despite their need.
A Complete Guide to Financing the Hearing Aids and Financial Assistance
As you know, when getting hearing aids, you may need a good amount of money, but there could be many resources that you can use to get yours.
Medicare vs Medicaid
Typically, Medicare neither covers routing hearing evaluation nor the hearing aids. However, in some cases, hearing examination ordered by a physician which is conducted by a licensed audiologist may get covered by Medicare part B. Before proceeding, ask your doctor or the hearing aid professional whether Medicare covers your hearing exam or not.
In most states, Medicaid programs cover complete or partial costs of hearing aids. However, for children, Medicaid programs cover the cost of hearing aids.
Each state has different conditions for the eligibility for hearing aids, and your physician or audiologist can help you in determining whether or not this coverage is available for you.
Get Private Health Insurance
In many states, hearing aid coverage is not provided for adults. However, some private insurance agencies cover the costs of different hearing tests and hearing aid evaluation. It also includes the partial or full coverage of hearing aids – while many provide none at all.
You need to check the individual insurance plan coverage you have by calling the member service phone number mentioned on your insurance card.
Questions You Need to Ask the Insurance Provider
Before you buy a health insurance, ask following questions to your insurance provider:
- Does the insurance plan I purchased cover partial or the entire cost of the hearing aids?
- Do I need to use any specific hearing aid provider? If it is so, ask for a list of providers around the area.
- In case my insurance coverage provides me the benefit of hearing aids, would I need to pay the provider and then submit them for reimbursement or would my hearing specialist bill the insurance company directly.
- If my insurance plan covers the hearing aid benefit, would it be limited to specific hearing aid models?
- Are there any additional stipulation or criteria for the coverage? For instance, is there a threshold for hearing loss severity that I need to meet before I become eligible for using the hearing aid benefit.
Medical Saving Plans can help
Sometimes, employers offer Flexible Medical Spending Plans. This plan allows you to set a portion of your income aside on a pre-tax basis. You can use this money throughout the year to pay for the medical expenses that are not covered by the insurance. Using this pre-tax spending is an amazing way to pay your hearing aid expenses.
When the savings for a person who is in the 28% tax bracket and spends $5000 from a flexible account of hearing aids, it will be able to save $1400 by paying with his/her pre-tax dollars.
These plans are actually tax-advantaged medical savings accounts that are available to taxpayers who have enrolled themselves in high maintenance health plans. The money that is contributed to the health saving plans is not taxed at the time of deposit and keep accumulating years over years, with the interest – if not spent.
You can these health care plans for medical and healthcare related purchases that are not covered by your insurance.
Vocational Rehabilitation Programs of States
If you need to buy hearing aids for your employment, the vocational rehabilitation programs of your state may provide you the assistance towards their purchase.
Service Foundations and Organizations
Many service organizations and foundations have programs to provide you assistance with the hearing aids. To find the right agency that operates in your state, search terms (the name of your state) hearing loss services, programs for hearing impairment, or free services for the hearing impaired.
Similarly, some manufacturers of hearing aid sponsor various foundations that provide hearing aids to those who have limited financial resources.
Ways to Cut Hearing Aid Costs
If you are considering a hearing aid but want to cut the cost, follow the things mentioned below.
Investigate your Coverage
The cost of hearing for veterans is covered by Veteran Affairs. Some health insurance plans also cover this cost for people. Some other plans in which almost half of the Medicare Advantage, offer partial coverage to hearing aids.
One of the ways to save money on hearing aids is to use the private health insurance health plans. Some insurance plans offer a discount as well. If you have a flexible spending account or a health saving account, you can use it to pay for your hearing aids and batteries.
Check different retailers for the cost of hearing aids. Costco, which is known for its customer’s satisfaction, offers no-cost screening at some of their stores and hearing aids are from $500 to $1500 each.
You can buy hearing aids online to save money up to $2000 per pair, but if you need any adjustments, you need to either mail back to them or pay a local specialist to fix the hearing device. Some people also consider buying used hearing aids as it can help them save some money.
Don’t Buy More Than What You Need
When you go to an audiologist, discuss your challenges – note the background noise on hearing aids in restaurants or during phone conversations. This will help you in determining the best device for you.
Try on different models to see which one is more comfortable. Ask them the prices and find out what is the length of the warranty period and money-back trial period, which obviously could vary widely.
Skip extra features that you think you are not going to use, such as Bluetooth capability. It would help you in slashing the prices of hearing aid costs.
Ask for a Price Break
Try to negotiate your audiologist for getting a discount on the prices of your chosen hearing aids. Ask the audiologist to unbundle or separate the cost of the hearing aid from the fee for fitting and other services. In many cases, there will be a decrease in the cost and become more transparent for you.
Checkout Various Groups that Can Help
Some government, state, and various independent organizations may help you in paying for your hearing aids or at least offer discount that will reduce the price. Audiologists, like consumers, want to keep the cost of hearing aids affordable.
They like helping people with this disability and make it possible for more people to benefit from this hearing technology because communication is one of the most important skills that humans possess.
Hearing aids can offer significant benefits to those who have lost their hearing ability. When purchasing a hearing aid try not to get overwhelmed with hearing aid costs to the point of delaying the need to address your hearing loss.
Don’t forget the reason why you are purchasing a hearing aid, this is to help you to better communicate with your family and friends and to enjoy the sound your environment is giving.