It is a common problem of aging Americans that hearing aids are out of reach due to costs. Hearing aids can cost up to $4,000 each, and unfortunately, Medicare doesn’t cover them. The options for paying for a hearing aid vary from using financing, using insurance coverage, or taking advantage of charitable organizations that help with paying for hearing aids. The following 8 options can help cover the costs of hearing aids:
- Medical flexible spending accounts. These accounts help with the cost of hearing aids and batteries, and are considered reimbursable.
- Veteran benefits. Vets can get hearing aids if their hearing loss issues are caused by their military service or linked to a medical condition treated at a VA hospital. Veterans may also get devices through the VA if their hearing loss is severe enough to interfere with the activities of their daily life.
- Federal employee assistance. Federal employees are entitled to coverage through some of their offered insurance plans. Health plans can pay for a basic hearing aid, but any extras or upgrades will have to be covered by the employee.
- Nonprofits. A few of the organizations that help cover the costs of hearing aids are Sertoma and HEAR Now. Each of these programs cover specific costs, and details can be found on their websites.
- Private insurers. Few private insurance companies cover hearing aids, but three states — New Hampshire, Rhode Island and Arkansas — require that insurers provide coverage for adults. Each state has its own specific guidelines.
- Health Savings Accounts (HSA). These types of accounts cover the cost of hearing aids and batteries. The money in your HSA accumulates from year to year, allowing you to save toward the cost.
- Health Reimbursement Accounts (HRA). An HRA allows an employer to make contributions to an employee’s account and provide reimbursement for certain eligible expenses. You will need to talk to your employer to find out who will fund an account like this. They will decide not only who funds it, but also whether or not hearing aids and the batteries for them are covered or not. You will need to check with your company’s benefits department beforehand.
- Some Medicare Advantage Plans (Medicare Part C). Some Medicare Advantage plans will provide coverage for hearing aids and hearing exams. Compare plans to find out.