Is the cost of hearing aids holding you back from buying them? Forget all worries, and grab your hearing aids with financing options available! Financing for hearing aids has made it affordable for people to afford hearing devices that aid them with their disabilities.

This blog post aims to enlighten you on everything you need to know about financing for hearing aid. Let’s get started!

What is Hearing Aid Financing? 

financing for hearing aids

Financing for hearing aids implies borrowing money or taking a loan and paying it off over a specific period of time. For instance, if you choose a 12-month payment plan with no interest, you must pay the entire cost of hearing aids throughout the year. There is a plethora of such payment plans available out there. They help users finance hearing aids and pay the money back in a set period of time.

In today’s era, people find multiple ways of borrowing money to finance hearing aids. The most typical options include using a credit card, a healthcare credit card, taking a loan from a bank, and working with a financing partner. 

Additionally, several lending apps follow the Buy Now, Pay Later (BNPL) approach. 

Hence, the options for financing hearing aids are manifolds. The only hindrance is people are not aware of it. So, let us throw light on some of the most popular and beneficial hearing aid finance options below. 

Hearing Aid Finance Options

Here, we have listed some of the most popular hearing aid financing companies that assist people in purchasing hearing aids without spending a hefty amount at once. 


CareCredit makes healthcare financing easy, flexible, and friendly. You can leverage it to finance your medical and healthcare services and supplies, including hearing aids. Over 250,000 health service providers, including pharmacies, dermatologists, eye care specialists, dentists, and hearing aid providers, support CareCredit. 

What is more interesting about CareCredit’s credit card is it supports making interest-free payments under certain conditions. In addition, you can pay for expenses that most medical insurance programs do not cover. CareCredit does not charge any annual fees. 

Regarding the no-interest payment, CareCredit supports financing options of 6, 12, 18, and 24 months on purchases of $200 and above. You can even extend the time period of financing up to 60 months by paying low-interest rates. 

This is the best hearing aid finance option with no interest. However, if you fail to pay for your hearing aids in full in a given time, CareCredit charges 27% interest. Besides hearing aids, CreditCare helps you finance hearing tests, regular hearing check-ups, audiology appointments, implants, tinnitus, earmolds, and hearing device re-fitting. 

Wells Fargo Health Advantage

Wells Fargo Health Advantage is a multi-purpose patient program helping people pay for treatments over time. Whether hearing aids, hearing aid accessories, hearing exams, or ENT procedures, this credit card program covers all. 

Unlike credit card options, the Wells Fargo Health Advantage credit card program offers special and flexible financing promotions, cheap pricing on most of the promotions, and an appealing Annual Percentage Rate (APR), i.e., 12.99%. Hence, patients now have fewer treatment limitations. 

More interestingly, online tools make it convenient for people to share their personal details and streamline the financing process. Besides hearing, this credit card program finances dental, vision, and veterinary needs.

Allegro Credit 

Another option for hearing aid finance is Allegro Credit, which offers flexible financing options and low monthly payments. Even if you have low credit scores, it does not matter for Allegro Credit. Hence, it serves as the best option if you have low credit scores. 

Allegro Credit has over 10,000 finance partners, serving 200,000 customers. The approval time for finance is very quick, i.e., in minutes, with Allegro Credit. However, it does not offer any discounts. 

PayPal Credit  

You might be aware of a popular online payment platform, PayPal. It offers a financing option through the PayPal Credit service. You do not have to pay any interest rate if you pay the full amount within 6 months on the purchase of $99. 

However, if you fail to pay the full amount within the time period, you will be charged a certain interest rate. The minimum interest charge is $2.00. In addition, the Variable Purchase APR for new accounts is 28.49%.

Moreover, PayPal Credit offers special financing for items below $99 when combined with other items to reach $99 or more within a single transaction. It is important to remember that you cannot combine multiple separate transactions of less than $99 to meet the minimum purchase value. 

PayPal Credit also provides an option of Buy Now, Pay Later on the purchase of $98.99 and below. You don’t have to pay the interest if you pay the full amount within the given time.


Affirm is similar to the above options and helps you finance hearing aids. This Buy Now, Pay Later platform lets you buy anything and pay for it later over time at your own pace. In addition, it does not charge any fees, such as prepayment, annual, or late fees. 

Before you use Affirm, you must prequalify for leveraging the financing option. This means you must check what amount you can spend with Affirm. For hearing aids, you can choose between 3, 6, and 12-month plans based on the amount you qualify for. Also, the monthly payment depends entirely on the cost of your hearing aids and the plan you choose. 


PowerPay is among the leading financing options available for hearing aids, with the best rates and terms in the industry. It lets you pay off your load without any penalties or deferred interest. Low ARPs and flexible repayment terms make it feasible for people to purchase hearing aids without any hesitation. 

This program offers a maximum loan of $35,000 with ARPs ranging from 9.99% to 12.99 and a time period of up to 72 months. Additionally, the application process is very straightforward. You can make instant decisions and get electronic loan documents in a jiffy. 

Steps to Finance Your Hearing Aids

Here is how you can finance hearing aids: 

financing for hearing aids

Evaluate the Cost of Hearing Aids

Finding respectable and well-known hearing aid suppliers is the first step. Investigate the provider’s financing options. Always consider the price of hearing aids before deciding on a payment plan. Consider the associated costs as well, such as those for fitting, batteries, maintenance, etc. 

You can interact with a hearing healthcare specialist to select the auditory aids supplied by the provider. They can recommend the best selection based on your hearing requirements. 

Choose the Right Financing Option 

After evaluating the entire cost, select from the supported financing options that best fit your needs. The next step is to check the interest rate, the amount to be paid every month, the payment schedule, penalties for late payment, terms & conditions, etc. It is always better to consult with the finance provider for any confusion about the agreement. 

Apply for Financing 

Many financing options have criteria one must meet to avail of its benefits. Check out the criteria and apply for financing. Fill out the required form asking for your basic personal details and finances. You have to wait for the approval. Some programs notify about the approval within minutes, while some take time. 

Start Making Payments 

Once you get the approval, sign the agreement, and there you go! You will have the desired hearing aids in your hands. Simply pay the installments on time without missing them to avoid any penalties.

Does Your Health Insurance Cover Hearing Aids?

Most health insurance plans do not cover hearing aids. People with hearing impairment gradually discover that their healthcare insurance plan does not cover hearing devices. Many programs consider hearing aids as other medical wearable equipment, such as spectacles, contact lenses, etc. 

What is more disappointing is even Medicare does not cover the expense of hearing aids. Fortunately, some Medicare Advantage Plans offer coverage for them. In addition, today, you can find many health insurance plans that cover hearing aids. Veterans Administration (VA) health insurance covers the entire cost of your hearing aids. 

Before you choose any health insurance plan, it is essential to know what amount of your hearing aids it covers. Each plan offers varying benefits, from covering 50% of the cost to a maximum amount. Further, hearing devices require fitting and repairing. Ensure to check whether your plan covers this in addition to the price. 

How To Finance Hearing Aids?

Besides the above-mentioned options to finance hearing aids, there are many others, as follows: 

Insurance Plans 

financing for hearing aids

Though many private health insurance plans do not cover the hearing aids cost, states like Arkansas, Illinois, and Rhode Island require insurers to cover hearing aid benefits for children and adults. Insurers like UnitedHealthcare and Blue Cross Blue Shield offer hearing aid coverage that you need to purchase separately. Some other insurance plans covering the hearing aid cost are: 

  • Compass Rose
  • Anthem
  • Anthem Blue Cross Blue Shield
  • Aetna
  • TriCare
  • GEHA
  • Coventry
  • Cigna (out of network)


If you reside in a state like California, Massachusetts, or Minnesota, you are eligible to get Medicaid benefits. It provides coverage for hearing aids and all related expenses. The only requirement to qualify for Medicaid is low income. 

Medicare Advantage

As discussed earlier, Medicare does not cover the expense of hearing aids. Instead, some Medicare Advantage plans assist you in buying hearing aids. 

Veterans’ Administration (VA)

If you are a veteran, you can benefit from the Veterans’ Administration. To apply, visit the local VA office and fill out the 10-10EZ form. You can also fill out the form online or via email. 

Non-Profit Organizations 

You can find several non-profit organizations that help needy people by covering the cost of hearing aids. Some of these organizations include Easter Seals, Hear Now, Let Them Hear Foundation, Lions Clubs, and the Miracle-Ear Foundation.

State Government 

Even some state governments help people purchase auditory aids. Hence, contact your state’s rehabilitation department, vocational rehabilitation department, or human services department to know more about health services. 

Is Financing Hearing Aids for You?

If you struggle paying out of pocket, financing for hearing aids is definitely for you. Everyone suffering from hearing loss, regardless of degree level, should have better access to hearing. This is where hearing aids come into play. 

You can finance hearing aids with the above options available – CareCredit, Wells Fargo Health Advantage, Allegro Credit, Affirm, and PowerPay. 

If you want an interest-free plan, consider choosing CareCredit. If you pay the full amount in a specified time without delaying a single payment, CareCredit does not charge any interest rate. It offers 6, 12, 18, and 24-month payment plans for the purchase of $99 or above. Similarly, Affirm and PayPal Credit are interest-free financing options. 

Another best option for financing hearing aids is Allegro, where you don’t have to care about low credit scores. 

Finance Hearing Aids vs Buying Out of Pocket

If you are confused about choosing the financing option or paying the entire cost of hearing aids in one go, comparing both options and making a decision is always a better idea. So, let us compare financing for hearing aids and buying them out of pocket. 

Paying Out of Pocket 

Advantage: The foremost advantage of paying out of pocket is you can own your hearing aids immediately without paying small amounts in installments. 

Disadvantage: The primary disadvantage of buying hearing aids in one go is their costly price. They are generally available for several thousand dollars. If you are already on a tight budget, paying out of pocket can be pretty challenging. 


Advantage: Financing hearing aids makes them affordable, as you can pay the cost in small installments over time. Many programs even charge a 0% interest rate, making them more affordable options to buy hearing devices. 

Disadvantage: if the financing program charges a specific interest rate, you eventually pay more than the original cost of hearing aids. Hence, before agreeing upon any financing option, ensure to read the details and understand the terms. 

Other Ways to Save Money on Hearing Aids

Besides purchasing affordable hearing aids, you might want to save money by getting a significant tax break. A Health Savings Account (HSA) or a Flexible Spending Account (FSA) can help you do so. 

In accordance with federal tax legislation, you are permitted to open an account with pre-tax income in order to pay for medical expenditures that are not covered by your health insurance plan. You can open a health savings account (HSA) and deposit up to $3,650 annually if you have a health insurance plan with a high deductible, enabling you to cover medical costs.

A flexible spending account (FSA) works similarly to an HSA. The only difference is that employers and not individuals set FSA. Employees must deposit up to $3,050 annually from their paychecks and use the money for medical expenditures.

The money you deposit in an HSA or FSA account is not taxed. For instance, if your tax rate is 20%, and if you deposit $3000 in any of these applicable accounts, you can save $600 a year in taxes. If you don’t spend this annual set-aside for hearing aids, you can use it for other medical purposes, such as dentistry, vision, medications, etc., out-of-pocket. 

However, the two accounts, FSA and HSA, have a lot of differences. The primary difference is that FSA does not support the rollover of the amount in the next year. You have to avail of it in the same year. Conversely, HSA supports the rollover of unused amounts from one year to the next. 

To qualify for the HSA account, your health insurance plans should have very high deductibles – $1,400 for an individual plan and $2,800 for a family plan. 

Financing for Hearing Aids Takeaway 

We hope now you have useful insights into financing for hearing aids. As the cost of hearing aids holds many people back from purchasing them, financing options serve as a boon. They help you buy hearing aids and pay for them over a set period. 

If you are looking for hearing aid finance options, the programs mentioned in this article can significantly benefit you. You can opt for interest-free plans if you don’t want to pay more than the actual cost of hearing aids. Besides, you can consider other options, such as Medicaid, Medicare Health Advantage, Veterans’ Administration (VA), non-profit organizations, and state governments. 

Regardless of any financing option, it is important to read the terms and policies carefully before signing any agreement. 

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In addition to being the Founder and Editor-in Chief at, Luis Zuluaga is the founder and CEO of Florida Hearing Institute, an innovative hearing health enterprise in South Florida, focused on bringing high-tech hearing devices at affordable prices to people with hearing loss. Before his latest hearing healthcare endeavors, Luis served as President and Chief Operating Officer of Zounds Hearing Inc., a US-based hearing aid manufacturer that introduced many technical innovations to the hearing aid market.


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