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Hear What You’ve Been Missing: A Guide to Hearing Aid Financing
If you’re one of the millions of people who suffer from hearing loss, you know how expensive traditional hearing aids can be.Luckily, there are financing options available to make them more affordable.
PowerPay is a leading provider of hearing aid loans, and we offer some of the best rates and terms in the industry. Below, we will walk you through our financing options and the benefits of using PowerPay to get your new hearing aids. We’ll also provide information on our quick and easy loan process and what to expect upon approval. So if you’re looking for a way to make your new hearing aids more affordable, look no further than PowerPay!
The Benefits of Hearing Aid Financing with PowerPay
There are many benefits to financing your hearing aids with PowerPay. Some of our highlights include:
- Soft credit pulls, so there’s no impact on your credit score.
- No prepayment penalties or deferred interest, so you can pay off your loan at any time without penalty.
- Low APRs and flexible repayment terms to help you pay your loans off affordably over time.
- Excellent customer service available to help you through every step of the process.
How to Apply for a PowerPay Hearing Aid Loan
Applying for a hearing aid loan with PowerPay is easy! Simply fill out our online application and provide some basic information about yourself and your finances, including your hearing aid treatment plan and driver’s license information.
Once you’ve been approved, you’ll be able to select a payment plan that fits your budget and schedule. Next, simply sign the loan documents to make it all official!
After we receive your paperwork, PowerPay will pay your hearing aid provider directly for the device and you’ll begin making payments to PowerPay within one month after purchase.
Monthly payments are calculated depending on the loan terms you choose. There are no prepayment penalties, so you can pay off part or all of the loan early at no additional cost to you.
Industry best program
Up to 72 month terms, rates 9.99% to 12.99%
and max loan of $35,000
Instant decisions and electronic loan documents
create a fast, easy flowing process
No prepayment penalties
Pay off part or all of the loan at any time
with no fees
Calculate your hearing aid monthly loan payment
Who usually needs to get a hearing aid?
Hearing aids are commonly used by people of all ages who suffer from hearing loss, tinnitus (ringing in the ears), or other auditory disorders.
While hearing aids can be expensive, there are many financing options available to make them more affordable.
How much do hearing aids cost?
In general, prices range from around $1000-$6000 per device. The cost of hearing aids varies depending on the type and severity of hearing loss, as well as the style and features of the device itself.
What are the different types of hearing aids?
There are many different types of hearing aids available on the market, from behind-the-ear models to completely invisible in-the-canal devices. The type that’s right for you will depend on your individual needs and preferences.
Are hearing aids covered by insurance?
Most health insurance plans do not cover the cost of hearing aids, but some insurance plans may offer partial coverage. Check with your insurer to see if they offer any discounts or benefits for purchasing a hearing aid.
What are all of the financing options for hearing aids?
If you can afford it, some providers offer payment plans or discounts for customers who pay in cash.
Otherwise, patients also have the option to finance hearing aids with a line of credit or a credit card, though this can be expensive and may not offer the same flexibility as a personal loan or a healthcare-specific loan.
General Hearing Aid Financing FAQ
Does Medicare cover hearing aids?
Medicare Part B (medical insurance) covers one hearing aid every two years, with a $1,500 lifetime maximum benefit. There is also a Medicare Part B deductible, and you may have to pay 20% of the cost of the hearing aid after meeting the deductible.
There are other options available for those who need hearing aids but do not have Medicare Part B. Some private health insurers offer coverage for hearing aids, and there are also programs available through state governments and private organizations that provide financial assistance for purchasing hearing aids.
How much are hearings aids?
There is a lot of variation in the cost of hearing aids, with the most affordable models costing around $1,800 and the priciest models setting you back up to $5,000 per pair.
That said, it’s important to select a hearing aid that suits your individual needs – so don’t be afraid to consult with a professional or request a trial period before making your final purchase.
With proper care and maintenance, your hearing aids should last several years, so it’s important to select a pair that will provide you with optimal sound quality and comfort.
What are the best hearing aids?
There is no one-size-fits-all answer to this question, as the best hearing aids for you will depend on your specific needs and preferences. That said, some of the most popular hearing aids on the market today include digital hearing aids, wireless hearing aids, and invisible hearing aids.
Digital hearing aids are typically more expensive than analog hearing aids, but they offer many advantages. For example, they can be programmed to specifically meet your individual needs, they can be adjusted easily as your needs change, and they provide clear sound quality.
Wireless hearing aids transmit sound directly to your ear without the need for wires or cables, which makes them ideal for people who lead active lifestyles. And finally, invisible hearing aids are designed to be hidden inside your ear canal, making them virtually undetectable to others.
Are hearing aids covered by insurance?
Generally, most hearing aids are not covered by insurance. However, there are a few exceptions. For example, in some cases, hearing aids may be covered if they are deemed to be medically necessary. Additionally, some insurance plans may cover a portion of the cost of hearing aids for those who meet certain eligibility criteria.
It’s important to note that the coverage provided by insurance companies can vary significantly from one company to another. Therefore, it’s important to contact your insurance company directly to find out exactly what is and is not covered under your plan.
PowerPay Hearing Aid Financing & Loan Options FAQ
For more information and answers to the top questions asked about PowerPay loans, visit our borrower financing FAQ page.