Choose a Medicare Advantage plan that's right for you
If you're one of the 48 million Americans struggling with hearing loss, you know it affects everything you do. Unfortunately, a massive price tag is often associated with hearing aids.How Much Do Hearing Aids Cost?
The price of one hearing aid can range anywhere from $1,000 to $6,000. Most people will need one hearing aid for each ear, doubling the range of pricing from $2,000 to $12,000.
With such a hefty price tag, you may be wondering whether your Medicare plan will help cover the cost.
Does Medicare Cover Hearing Aids?
If you're over 65 years of age or if you're younger than 65 but receive disability payments from Social Security, you may be eligible for coverage under Medicare Part A and Medicare Part B, also known as Original Medicare.
Medicare Part A covers:
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Inpatient hospital care
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Hospice care
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Skilled nursing facility care
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Home health services
Medicare Part B covers:
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Medically necessary doctor's care
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Outpatient services
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Home health services
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Laboratory services
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Medical equipment
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Mental health services
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Chronic care management
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Emergency Room services
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Preventive services
Note: These are not exhaustive lists.
Medicare Parts A and B do not cover:
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Dental care
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Eye exams
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Dentures
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Routine physical exams
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Hearing aids and exams for fitting them
Medicare Part B will cover hearings exams if ordered by your doctor to determine whether you have hearing loss and to what degree. These exams may help determine whether you might benefit from a hearing aid, but neither Medicare Part A or B will pay for routine hearing exams or other costs associated with hearing aids.
How to Find Medicare Coverage for Hearing Aids
1. Compare various Medicare Advantage plans by speaking to a licensed Medicare professional.
2. Examine each plan by looking at deductibles, monthly premiums, services covered (such as hearing aids), maximum out-of-pocket costs and other variables.
3. Find the plans that have the most services you're likely to use (and perhaps without the services you don't need).
4. Add up your yearly out-of-pocket costs for the services offered and determine which plans are within your budget.
5. Decide which plan is right for you by comparing costs and services.
Other Options for Covering the Cost of Hearing Aids
Here are a few other ideas that may offer help in paying for hearing aids:
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If you are a veteran, hearing aids may be covered by Veteran's Affairs if you meet certain criteria. Once registered with the VA, make an appointment with an audiologist to determine your eligibility.
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Check out nonprofit organizations that help disadvantaged senior citizens pay for the cost of hearing aids, such as Sertoma, the National Hearing Aid Project and HearNow.
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You may choose to use your Flexible Spending Account (FSA) or Health Savings Account (HSA) to pay for hearing aids and batteries.
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Many companies offer financing options to stretch payments over a prolonged period of time instead of paying the full price upfront.
Millions of people suffering from hearing loss continue to go without help because of the high cost of hearing aids. Don't let the cost be a deterrent for you. With the help of a licensed Medicare expert, find a Medicare Advantage plan that helps minimize costs associated with these vital services.
