Those seeking hearing help are often surprised to learn that most insurance companies do not cover hearing aids. Most private insurance companies only offer coverage for the initial exam to identify the presence of hearing loss. For most people, hearing aids are not included in the mandated list of benefits companies are required to include. Those mandated benefits vary by state. Currently 19 states offer coverage for hearing aids for children and three offer coverage for both children and adults.
The effects of untreated hearing loss is widely documented. Yet, despite the research, most government programs and private insurance companies view hearing aids as elective, just like cosmetic and dental procedures that require patients to pay out of pocket or find other financing alternatives. The healthcare landscape may change with the introduction of the Affordable Care Act, but preventative care expansions for hearing health or hearing aids are still not included. So what options exist and how can we make hearing aids accessible to everyone?
Hearing care professionals and hearing aid manufacturers want to make hearing healthcare accessible to everyone that can benefit from hearing aids. Most hearing healthcare professionals offer low interest financing options to their patients. If past credit history is a deterrent, an applicant may enlist as the primary applicant and list an additional co-applicant. The goal of hearing care professionals is to provide quality care at an affordable price for as many patients as possible.
The cost of a set of hearing aids can range from $3,000 to $7,000 which often prevents individuals from seeking hearing help. This cost can be especially prohibitive for retirees and those living on a fixed income.
In order to gain a better understanding of the cost involved in purchasing a set of hearing aids, let’s assume you purchase your devices for $5,000. To keep the example simple we’ll use this average cost; you may spend a little more or less depending on the type of hearing aids you and your hearing care professional select. You will likely use those hearing aids for five years. If the cost of those hearing aids is broken down over five years, the hearing aids end up costing $1,000 annually or $83 per month. The $83 per month cost also includes follow up services and warranty fees.
Surprisingly, the cost of better hearing is actually much less than most American households spend on their monthly television bill. Keep in mind, that cost reflects research, manufacturing costs and professional service fees.
Hearing aids are a long-term investment in your health. They are medical devices that have been clinically proven to improve quality of life, ease communication strain and assist in the fulfillment of occupational requirements. To read more about financing options available to you, click here.