Many health insurance plans do not provide coverage for hearing aids, so financing a hearing aid may be the only option available for some patients. The Gallaudet University in Washington, D.C. estimates 20 million people in the United States have some degree of hearing impairment. The hearing aid market continues to grow as baby boomers experience age-related hearing loss, but the supply of financing options available to obtain aids does not meet the demand. A few opportunities available for financing hearing aids do not require a rigid creditworthiness from applicants in order to qualify for a loan.
Step 1
Make an appointment with an audiologist for a hearing evaluation. According to the American Speech Language Hearing Association, "Audiologic evaluation is sometimes thought of as 'just a hearing test,' but more than 'just' the ability to hear sounds is involved. The audiologic evaluation consists of a battery of tests, each providing specific standalone information."
Step 2
Call your insurance carrier to find out what services the plan covers to get an idea of how much financing you need to buy a hearing aid. Some insurance plans may pay for the clinic costs, but will not pay for hearing aids. Likewise, you may need financing for all the costs associated with the hearing aid, such as the training, programming, rehabilitation and other related services. As an example, Medicare does not cover routine hearing exams, except in cases where hearing loss occurred from surgery, illness or disease. Medicare does not cover hearing aids or other hearing aid accessories, such as batteries and cleaning supplies.
Step 3
Apply for financing at the audiologist's office. Many clinics have financing available for patients, often through a third-party financing company. Your audiologist will have you complete an application at the clinic, and you can get approval for financing the same day. Some types of financing depend on creditworthiness, while other types of financing plans do not put emphasis on creditworthiness.
Step 4
Use a major credit card to finance a hearing aid. Most audiology clinics and hearing aid specialists accept major credit cards as a payment option.
Step 5
Finance hearing aids through an online biller from participating merchant selling hearing aids. Audiologists do not recommend purchasing hearing aids online, without an initial hearing evaluation. However, the if the type of hearing aid you need is available online, you may purchase the hearing aid online, using audiology services for rehabilitation, monitoring performance and use of the hearing aid and other services. Online merchants who sell hearing aids may offer financing through an online biller. Walmart sells hearing aids, offering Bill Me Later as an option for financing the purchase.
Step 6
Contact your state's Center for Independent Living (CIL) for information and referral on loan and financing programs for disability equipment. The center provides applications for loan programs and offers low rates on financing any kind of disability equipment and supplies.
Tips and Warnings
- Always make an appointment with your doctor before purchasing or financing any kind of hearing aid. Temporary hearing loss may occur from sinus infections or wax buildup, but an underlying medical condition may be causing the hearing loss. Some financing resources available do require good credit or at least the ability to repay the loan. Carecredit is a popular and widely available financing source available at 125,000 locations nationwide. Contact the Senior Health Insurance Program (SHIP) in your state for financial assistance to cover hearing aids. Many patients do not qualify for extra help from government or community-based programs that pay for a hearing aid or offer donated, refurbished units; but some states provide loans and financing programs specifically for purchasing hearing aids and other disability equipment, regardless of creditworthiness.
- Be sure to understand the terms and conditions of each financing offer you receive.
