Hearing Aid Financing

What is Hearing Aid Financing?

Millions of people are in dire need of hearing aids. Unfortunately, not everyone is in a position to head to a doctor and pay for one such apparatus on the place. 

Hearing aid financing is the collective term for financial programs and loans for purchasing hearing aids. These programs are not covering the expenses of aiding technology, but treatment for hearing loss as well. In some cases, if the condition is discovered early, treatments can restore this sense or prevent them from getting worse.  Companies which concern themselves with the health of your ears are aware of their high prices. For that reason, they seldom require you to pay upfront. You can divide your costs into 6, 12, 24, installments if needed. Speak with the representatives of every company and look for the plan that suits your budget the best. 

Hearing aids are a necessity to some, but a business to others. This means that there are credit card companies specialized in this kind of loan. Have a chat about hearing loss with your health insurance company. It can be a fruitful discussion for both parties.

How much does Hearing Aid Cost?

We have mentioned that financing is the main reason why people don’t treat hearing loss. But how expensive are they exactly? 

The average cost for a hearing aid stands somewhere between $2000 and $6000 per ear. This price includes more than just the machine. When paying for a hearing aid, you pay for the treatment, evaluation, tests, the apparatus, and all additional costs. The latest technologies contain the newest noise reduction circuitry and other detailed operations. Lower performance tests are less sophisticated but more affordable.

Hearing Aid Financing Options

Most people in need of hearing aid pay for it via the help of a third party. Before you start doing tests and head to buy a hearing aid, wager your financing options. The first and most obvious choice is your health insurance company. Most provide some financial aid for hearing aids. How much assistance they give you depends on the income of the client and their insurance package. 

Sometimes the workplace is the most significant assistance in these problems. If a health-care package offers a flexible spending account (FSA), then FSAs provide you with $2500 of tax-free dollars on an annual basis, for medical purposes and much more.

Many Types of Loans

The moment you become aware that you need a hearing aid, head to the nearest hearing center, and have a discussion about your financial status. If you fit their criteria, they will provide you with a loan suitable for your needs.  Some centers work with foundations to help clients in need. They are well aware of the expenses of the profession. Another option is to settle on second-hand devices. Often users who upgraded their gear donate their old aids. 

Applying for credit is another popular option of acquiring a loan. Some companies specialize specifically in hearing aid loans. The most important factor when applying for traditional loans is the credit score. Check out your score using one of the many sites available online first.

Hearing Aids

After we have explored which payment method suits our needs the best, we should settle for the device itself. These devices come in a variety of models. The basic component of each hearing aid is a microphone that picks up sounds. The sound is then processed and amplified through a computer chip, then sent to the ear via a speaker. These tiny pieces are powered via a battery in the device. 

There are two types of hearing aids: in-the-ear (ITE) and behind-the-ear (BTE) models. A professional will always help you to choose the right model. Your hearing condition is not the only factor when deciding your choice. Your budget, aesthetic preferences, and career requirements play a role.  Telecoil and wireless are the most popular behind the ear hearing aids. Telecoils help you to process sound in public settings, such as cinemas and crowded streets. Wireless technology connects two aids, one in each ear. Wireless technology based hearing aids can be connected to iPhones and other devices via Bluetooth.

ADA Compliant Kits

Thanks to contemporary laws and regulations, facilities cannot ignore people’s hearing impairments. Hotels and hospitals must have ADA Compliant Kits, which help visitors to navigate through the establishment on their own. These sets are regulated through the Americans with Disabilities Act.

Hearing Devices for Children

The greatest tragedy is when the youngest amongst us experience hearing loss. They rely on this sense to gather information around them. Hearing impairment can make primary education and socializing with peers difficult. This is why we should not wait to react. Pediatric hearing aids work on the same principle as regular ones. The difference is in a couple of details. Firstly, pediatric hearing aids are equipped with LED lights, so that parents and children can notice if it stops working. 

Hearing aids for children are more resistant. Children often forget that they are wearing the device, and the enforced endurance prevents accidental damages. Children’s models are always compatible with FM systems. This makes communication more manageable, which is crucial for school-aged kids. Finally, hearing aids for children don’t contain potentially harmful chemicals found in adult models.

What to Know Before You Have to Get a Loan for Hearing Aid Financing

Offer Financing on Every Transaction

The biggest mistake we can make is not to demand to finance every transaction. Unforeseen circumstances occur more often than we are willing to admit. If we want to prevent further complications, we should require financing on every purchase.

Ease of Use

Technology has found its way in every aspect of our lives. Hearing aids are no exception. Seek a company that relies on technology to respond to the needs of their patients in an instant.

Approval Rate

Most companies have a history. Seek the impressions of their previous clients and make a judgment based on them. Don’t be shy, and ask for approval rates before signing any contracts.

Be Aware of Providers Fees

Providers’ fees is the amount an institution charges a business when you use their services. E.g., credit card companies get a small cut every time someone swipes a card in a store. Hearing institutions charge this fee to your clinic. Don’t agree on a higher provider fee than you’re comfortable paying.

Be Aware of Penalty Rates And APRs

The perfect loaning institution should protect their business and look out for their customers at the same time. Penalty rates are a justifiable practice but avoid unreasonable fees. If something prevents repaying on time, high fees will only make life more difficult.

It’s All About Customer Service

Every now and then, you’ll have to contact the hearing institution. Bad customer service can lead to severe consequences for you.

Know the Different Finance Offerings and Diversify Your Offerings

There are two types of loans. The first one is Same-as-Cash (SAC) plan. These have 0% interest rates, but the monthly fees are high. Companies prefer to loan out this type, thus are promoting it more often. The other type is based around low monthly-fees. Demand to read both plans before signing the contract.

Consumers Want a Finance Option

Demand diversity and freedom of financing options. Never settle on a single payment method. Imagine this scenario: You signed a contract that approves credit cards only, but on the deadline day, you notice that you have lost your card. To avoid penalty fees, demand multiple financing options.

Know How to Get an Approval

The great thing about the modern age is that we can save time on preparation. In the past, every applicant had to complete his/her application on the spot. Today we have the luxury of completing these tasks online before arriving at the hearing loan institution.

Hearing Aid Financing with Bad Credit

Anyone in any profession can have bad credit. This often makes it harder to get a loan and is particularly frustrating when in need of a medical loan.  Most alternative financing companies are specialized in medical cases. Some of them focus more on other factors, such as education. There are a few loaning services that give out loans to clients with low credit scores and income. If this is your situation, be sure to search for these before going ahead with an application.

My Conclusion

Hearing loss can be a frightening and uncertain time for anyone experiencing this loss of sense. Hearing aid costs can make the situation even more difficult and prevents many from taking timely action.  But there is a solution, hearing aid loans and payment plans are an option for many  to be able to manage costs more effectively. Look for hearing aid centers nearby to make the experience as positive as possible by cutting down further stress and find the most affordable loan that suits your specific needs.  The internet has a wealth of information, and the staff at any hearing aid center will be understanding and happy to support you.