3 Tips for Budgeting Hearing Aids
Most people with hearing loss have to deal with the process of buying hearing aids sooner or later. Even though they are one of the most important electronic devices you use in your entire day, their amazingly high price will not cease to baffle your mind. If you have recently purchased a pair of hearing aids you would know that the experience can be very similar to that of buying a car. The only difference is that even if you think you will be just about satisfied with a plain old Honda, the vendor will try to push upon you Mercedes, Porsche and Ferraris.
Similar to high end cars, high end hearing aids have their own set of luxurious benefits that are hard to resist. Traditional hearing aids are little more than a microphone and an amplifier, but the newer models come with a whole array of features, connectivity options and technological advancements that only good money can buy. Most people can't seem to settle for the simple hearing aids when they've seen the best ones. In such a scenario, it would help you to finance your hearing aids and get the model that you want without emptying your bank account. Here are some financing tips to help you out.
1. Ask about financing options
If you're buying your hearing aids through your hearing healthcare professional's clinic or directly from the market, you will be presented with several financing plans. Know that each plan comes with its own set of strengths and weaknesses. Look for a financing company that gives you the best customer care, such as by making sure there is a representative available if you need to talk through a given situation or by ensuring that the systems and processes are easy for you. However, the most important determining factor would, of course, be the rates being offered.
2. Educate yourself on budgets
You must look carefully into each financing plan being made available to you and ask several questions before making your final decision. Don't be afraid to ask for more options if you feel none of the offerings satisfy your needs. Many financially savvy people who understand the time-value of money will opt for Same-As-Cash (SAC) plans or 0% interest plans. While these are appealing financing options, their monthly payments can be a little higher than the others. If you would prefer low monthly payments instead, be sure to tell that to your financier.
3. Watch out for APRs or penalty taxes
While financing can be a handy tool to help you afford the hearing aids that you love and need, there are some downsides to this offering. Even though you don't have to pay the full price for your hearing aids upfront when you buy them, you may be in a bit of trouble if you default on your payments in case you choose to finance. As a borrower you will be obligated to pay hefty fees back to the lender if you default on your payments. Therefore, it is very important to avoid financing plans that have high retroactive fees.
If you’re worried about budgeting for your hearing aids, don’t hesitate to ask your hearing provider for help. They can offer advice on financing options available to you through the office, possible insurance providers, assistive programs or credit companies. While hearing aids may feel like a steep investment, the cost of untreated hearing loss is much larger.