Are you concerned about how you’ll be able to pay for hearing aids?
If so, you’re not alone. The average American pays $2,710 out of pocket for a hearing aid, and one in six spends $5,000 or more.
Will your health insurance cover the cost of your hearing aids? The answer depends on where you live and what type of coverage you have.
Read on to learn which types of insurance pay for hearing aids – and which don’t.
WAYS TO PAY FOR HEARING AIDS
Medicare and Medicaid
At this time, hearing aids and many hearing tests are not covered by Medicare.
Medicaid often covers the cost of hearing aids, but policies vary by state. You can find state-specific information on The Hearing Loss Association of America’s website.
Flexible Spending Accounts (FSA)
If you have a flexible spending account, you can use that money to pay for certain out of pocket medical expenses.
In most states, the cost of hearing aids and batteries qualify for reimbursement. You cover the initial cost through your FSA account, which later reimburses you.
Veteran (VA) Benefits
Is your hearing loss connected to military service? Have you received treatment for hearing problems at a VA hospital?
If so, your veteran benefits should pay for hearing aids and associated tests. If your hearing loss is severe enough to interfere with daily life, you may be able to receive your hearing aids directly from the VA.
Private Insurance
Unfortunately, few private insurers cover the cost of hearing aids. The exception is health insurance offered in Arkansas, New Hampshire, and Rhode Island.
If you live in one of these states, insurers must provide coverage for eligible adults. Check with your insurer to find out what type of coverage they offer.
Federal Employee Assistance
If you or your spouse work for the federal government, your insurance plan likely offers some coverage for hearing aids.
Most federal health plans cover the cost of a basic hearing aid. Employees may choose to pay for extras and upgrades.
Affordable Care Act
Under the Affordable Care Act, some states offer coverage for hearing aids and related expenses.
For the most recent information and updates, visit the federal site for Medicare and Medicaid Services.
Health Savings Account (HSA)
HSAs are similar to FSAs in that both types of accounts cover the costs of hearing aids and batteries.
Unlike FSAs, the money in your HSA accumulates from year to year. This can help you to save toward the cost of a new hearing aid.
Health Reimbursement Account (HRA)
HRAs are set up and funded by your employer. Because of that, it’s up to them to decide whether hearing aids and batteries are reimbursable.
Check with your company’s benefits department to find out what’s allowable under your HRA.
FINAL THOUGHTS
Health insurance coverage is a tricky world to navigate. Policies are always changing, too, which makes it even harder to keep the facts straight.
Now that you’re familiar with different types of coverage, though, you should have a clearer picture of how to pay for hearing aids.
Do you have other questions about hearing aids? Don’t hesitate to call us at (580) 436-3277. You can also use our online form to contact us.