how to finance your hearing aids if you’re an older adult with a fixed income
there are many financing options available to help make better hearing accessible to more canadians
4 minute read
canadians can reduce the out-of-pocket cost of hearing aids through accessing several financing solutions. supplied
this story is sponsored by
hearinglife canada
this story was created by content works, postmedia’s commercial content division, on behalf of a client.
if you’ve recently visited a hearing clinic, you may have been surprised — and maybe a bit discouraged — by the cost of hearing aids. the initial sticker-shock can be jarring, especially if you’re an older adult living on a fixed income.
but look a bit closer and you’ll find many financing options that drastically reduce the cost and make it manageable for almost any budget.
here are a few options to consider for financing your new hearing aids.
access government funding
in canada, most provincial health plans cover at least a portion of the cost of hearing aids.
british columbia, newfoundland and labrador, nova scotia and saskatchewan all offer hearing aid coverage for low-income residents through supplementary health benefits, for instance. ontario has a universal program covering up to 75 per cent of the cost of each aid (up to $500), while alberta covers up to 75 per cent of each aid, up to $1,200, and bases its numbers on the individual’s income. alberta pays 75 per cent of the cost (up to $500 per person). quebec pays the full cost for eligible recipients.
additionally, veterans and eligible workers’ compensation funding recipients may receive 100 per cent coverage in most provinces.
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if you’re unsure how to access provincial funding toward the cost of hearing aids, the staff at your local hearing clinic can help.
“we are fully aware of what’s available,” said jillian price, chief audiologist at hearinglife canada, a nationwide network of hearing clinics.
“that burden isn’t on the client — to have all that information.”
employer and pension health benefits
in many cases, full or partial funding for hearing aids is covered by your employee health plan or, in some cases, your pension-related health benefits.
this can be a huge help in reducing out-of-pocket expenses.
“we will be able to help you with that too,” said price, speaking for the staff at hearinglife canada clinics.
although it’s best to check with your insurance provider directly, the staff at hearinglife can help you access these benefits and provide documentation relevant to your claim.
hearinglife clients can qualify to spread their payments over multiple years. supplied
claim hearing aids on your income tax return
in canada, the cost of hearing aids — including repairs and batteries — is an eligible health expense you can claim on your income tax filing.
make sure to keep all receipts from hearing aid-related purchases to support your claim.
spread the payments over several years
it’s possible to spread the cost of hearing aids into several manageable payments over as many as five years.
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a bit of perspective also helps: in some cases, the total cost averages out to just $1 per day over the life of the device.
there are several additional options available to hearinglife clients, including:
- zero per cent financing over three months. make one payment after your hearing aid fitting, followed by three post-dated cheques payable within 90 days.
- low-interest financing for one to five years. pay just 10 per cent of the cost of your hearing aids up front, followed by monthly payments via pre-authorized debit.
“if the financial aspect is a barrier for you, we want to do whatever we can to lessen that burden,” said price.
hearing aids can be an investment in your overall quality of life. supplied
consider an entry-level model
premium hearing aids can cost as much as $4,000 per ear, and they come with lots of bells and whistles.
but entry-level models are much more affordable, and they’re adequate for everyday tasks like one-on-one conversations in a quiet setting or watching tv at home.
“for milder (hearing) losses where the clarity of speech has not been diminished significantly, entry-level hearing aids may do the job, absolutely,” said price.
maximise aftercare services
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along with the initial cost, many provincial health plans also partially cover repairs and hearing aid replacements.
and some canadian clinics go above and beyond to help clients through the entire life of their hearing devices.
hearinglife canada provides a universal three-year warranty, as well as 360-degree aftercare that includes free batteries, repairs, cleanings and adjustments for three years after purchase.
“we truly believe in providing service for the entire journey,” said price. “that begins right from the first source of contact.”
look at the big picture
hearing aids are ultimately meant to connect us with the people we care about most — our kids, grandkids, friends and colleagues.
they add richness and vibrancy to everyday experiences through the gift of sound.
so, it helps to think of hearing aids as an investment in your overall quality of life — with benefits that aren’t always reflected in the sticker price.
“hearing puts you at the centre of your world,” said price. “it adds richness to your life, emotion, feeling and connection.
“it’s so important to take care of yourself,” she added “that does include your ears, and you are worth it — so invest in better hearing, because you’re investing in yourself.”
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for more information, and to book a free hearing test, visit hearinglife.ca
this story was created by content works, postmedia’s commercial content division, on behalf of hearinglife canada.
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