Do you have an extra $2,000 bucks a year to just burn?
Probably not. Most of us don’t. But you could accidentally be doing just that if you’re ignoring your hearing loss.
It’s a common problem. So common in fact most folks don’t even think about it. Well, at least at first.
Researchers say one in every three people age 65-74 experience some hearing loss. That number skyrockets two in three after the age of 70.
And that’s a problem. Because hearing loss adds up to far worse than just missed conversations or misunderstandings.
Experts say it’s associated with significantly higher rates of dementia, falls, and depression, as well as a lower overall quality of life.
Hearing loss can put a hurting on your wallet
And now a new study has found that could be hitting your bottom line even harder than you ever realized.
Because if you find yourself asking “What?” or saying “Huh?” more often but haven’t had your hearing checked… or been fitted for a hearing aid… a new study reveals it could be costing you thousands of extra dollars every year.
According to the Johns Hopkins researchers who led the study, if left untreated hearing loss can lead to…
- 50 percent more hospital stays
- 44 percent greater risk of being readmitted within a month after discharge
- 17 percent greater chance of needing an ER or urgent care visit
All of which costs cold hard cash, even WITH insurance.
Of course, if you ever HAVE looked into purchasing hearing aids you quickly learned why many folks choose to go without them.
- they’re expensive
- most insurance plans don’t cover them
Even original Medicare doesn’t pay a single red cent toward the cost of a hearing aid.
In other words, health insurance… whether it’s federal or private… is a big fat failure when it comes to treating hearing loss.
Help with hearing aid costs
But that doesn’t mean you’re entirely out of luck. One of the following options could help cut down on your out-of-pocket costs.
Medicare Advantage or Medigap:
These supplements to Medicare could help cover some of the costs of a hearing aid. In almost all cases, you’ll still have out of pocket expenses. But these extra insurance plans could help take the edge off. So be sure to check what your plan offers.
Medicaid:
If you’re a low-income American on Medicaid health coverage your hearing aid MAY be covered. Check your state’s Medicaid rules to see if you live in one of the states with full coverage.
Affordable Care Act:
Depending on which state you live in, the ACA could help cover part of the cost of your hearing aid. Check the Hearing Loss Association of America’s website at hearingloss.org for information on which states have partial coverage under the ACA.
The VA:
If you’re a vet, the Department of Veterans’ Affairs should be your first stop. While they don’t cover all hearing aids, they do cover many of them. It’s one of your benefits for serving our country and keeping us safe. So be sure to speak up.
Nonprofits:
Ask your doctor if there’s a nonprofit in your town that either subsidizes the cost of hearing aids or has a recycling program. Some organizations such as the Lions Club and Rotarians have hearing loss programs which could help you get your hands on an affordable hearing aid.
There’s no doubt about it. Hearing aids are expensive. Depending on your needs and the model you choose one could cost you anywhere from $700 up to $3000.
But keep in mind as you shop around that it’s a onetime expense. And if you ignore your hearing loss, you could end up paying up to $2,000 extra dollars EVERY year.
In other words, in the end, hearing aids are a sound investment that’s both good for your health and your wallet.
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