A Saving Strategy to Cover the Cost of Hearing Aids

Saving Stategy to Cover the Cost of Hearing AidsThere’s a lot of information on the web regarding financial assistance for the purchase of hearing aids.  Payment assistance includes everything from Medicare and health insurance to charitable organizations.  What can you do, personally, to help cover the cost of hearing aids.  Trust me, I have utilized the financial assistance resources available in the past.  However, I am also a firm believer in using personal funds if you can to pay for your health needs.   With the cost of hearing aids ranging from $1500 to $6500 per pair, the thought of saving for this can be overwhelming.

A Saving Strategy

Let me help put this into the perspective of a daily cost.  Let’s pick a price point in the middle of the range:  $4000.  This assumes you will spend $4000 on your next hearing aid purchase.  The average life span of a hearing aid is 3-5 years.  Let’s assume you are 4 years away from replacing your current aids.  The math:  4 years x 365 days per year = 1,460 days.  That’s a lot of days.  $4000 divided by 1,460 days = $2.74 per day.  Monthly cost = $2.74 x 30 days = $82.19.  If you save $82 per month you will be well on your way to being in a position to cover the cost of your hearing aids.  For some, this is the cost of your daily Starbuck’s fix.  I understand there are some people that will still struggle to put this much money aside in savings.  That’s ok.  There are resources in place to help.  I just want to make the point that for those who can afford it, it doesn’t take a lot of sacrifice to put a saving strategy in place to cover the cost of your next hearing aids.

 

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