Affording hearing aids is challenging if youre an older American on Medicare.
Thats because Original Medicare which covers a majority of beneficiaries doesnt cover hearing aids, fittings or hearing exams.
Thats right not a dime.
Need a refresher onhow Medicare works? Check out answers to seven frequently asked questions.
And hearing aids are expensive: The average cost for one pair ranges from $3,000 to $7,000.
In this guide, we break down hearing aid coverage for both Original Medicare and Medicare Advantage beneficiaries.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Does Medicare Cover Hearing Aids and Exams?
Original Medicare doesnt cover hearing aids, exams and fittings.
Some Medicare Advantage plans have hearing aid coverage, but it varies by plan.
Some other services are covered under both, however.
Original Medicare covers 80% of the cost of cochlear implants for those who qualify.
Cochlear implants are considered medically necessary for the treatment of a severe to profound hearing impairment.
Did you know?
For example, a doctor may run these tests to diagnose the cause of dizziness or vertigo.
Medicare Advantage plans are administered by private insurance companies.
About 97% of Medicare Advantage plans provided some hearing coverage in 2021, according to theKaiser Family Foundation.
But how much coverage each Medicare Advantage plan provides varies.
Most plans also include coverage limits and restrict you to a specific connection of physicians.
see to it you calculate your potential out-of-pocket costs when choosing a Medicare Advantage plan.
For many, thats simply out of reach.
Some national organizations cover hearing aids for people with low incomes and limited resources.
These programs often have strict eligibility criteria and may be difficult to qualify for.
you better contact your local Miracle-Ear store before starting an tool.
Supporting documentation from a hearing care professional and an program fee of $150 is required.
it’s possible for you to find more information about the Gift of Sound program along with eligibility requirementshere.
Help America Hear Program
The Help America Hear program provides hearing aids for adults with limited financial resources.
The program can provide both new ReSound behind-the-ear and receiver-in-canal digital hearing aids.
There are three qualifying tiers based on gross household income, personal assets and health insurance coverage.
The entire utility process can take two to six months, according to the organizations website.
Clickhereto check out the Help America Hear program tool.
Costco
Comparison shopping is important if you want to save money on hearing aids.
Wholesale clubs like Costco offer great deals on hearing exams, fittings and devices.
They also offer free hearing tests.
Not every Costco location has on-site audiologists or hearing specialists and youll need an appointment.
Youll also need to sign up for a Costco membership, which starts at $60 a year.
Talk to Your Doctor
It never hurts to ask for a discount.
Most audiologists and hearing care professionals offer financing plans and some offer sliding scale payment options.
Wherever you go to purchase your gadget, try bargaining or asking for a lower-priced model.
The rule creates a new class ofover-the-counter hearing aidsavailable without a prescription or fitting by an audiologist.
These OTC devices will be available online, at pharmacies and in retail stores.
Competition from manufacturers is expected to drive prices down across the board.
OTC hearing aids will be available to adults with mild to moderate hearing loss.
Theyre not meant for everyone or every situation, kind of like drugstore reading glasses.
Its smart to undergo a hearing test to see if OTC hearing aids are right for you.
Medicaid is a federally-funded health insurance program for people with low incomes.
Its administered at the state-level, so each state determines its own hearing benefits and limitations.
About half of states offer some hearing benefits and coverage for hearing aids.
Whats covered varies even among states with hearing aid benefits.
In some states, like New Jersey and Massachusetts, hearing aids are only available with specific Medicaid plans.
Or call and ask the Medicaid program in your state to see if you qualify.
You must enroll in the VA Health Benefits program to qualify.
Its one of the only programs that provides high-quality devices at no cost.
To apply, visit your local VA office, goonlineor call 877-222-VETS (8387).
Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
