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York Hearing Clinic Blog

What Financing Options are Available for Hearing Aid Solutions?

If you are experiencing, or have recently been diagnosed with hearing loss, it’s crucial to find a solution that works for your unique lifestyle and individuals needs. What’s most important, however, is you find one that you can afford. 

Statistics from Hearing Foundation of Canada found that out of three million Canadians who suffer from hearing loss, only one in six wear hearing aids. That means a staggering 80 percent of Canadians with hearing loss have not sought out treatment for their ailment.

While there are many reasons for this, including perceived negative stigma, being able to afford the perfect solution is a big factor in why so many people suffering from hearing loss opt not to find a solution.

While it’s true that some hearing aid solutions come with a hefty price tag, there are many financing options that can help you afford hearing aids and improve your quality of life.

York Hearing Clinic has listed just some of those financing option here, so you can get your hearing lifestyle back on track:

Insurance

If you have private or employment insurance, it's possible you may receive benefits towards the purchase of your hearing aid solution. A hearing aid clinic will be in the best position to advise you on your particular insurance policy and what it covers.

The amount of coverage of private and employment insurance differs vastly depending on your particular policy, so it’s always good to check with a professional to find out how your insurance can help you save money on your hearing aid solution.

Assistive Devices Program

The Assistive Devices Program (ADP), is a program administered by the Ministry of Health in Ontario in which a government grant is provided towards part of the cost of hearing aids.

Ontario residents who suffer from hearing loss are able to qualify for financial assistant as long as they have a valid OHIP card, and have not accessed the grant in the previous five years.

If you qualify for this program, ADP will cover 75 percent of the cost of:

  • Hearing aids up to a maximum amount of $500 for each type of aid.
  • FM systems up to a maximum of $1,350.

MediCard

Financing for hearing aids is available through MediCard iFinance Canada. MediCard offers a variety of ways for you to pay for your hearing aid solution, including the full amount or a portion.

Recognized by more than 10,000 medical, dental, and veterinary offices across Canada, MediCard payment options can range anywhere from six months to four years and equal monthly payments can be customized to suit your budget.

How to Apply for Financing Through Medicare

  1. First determine the financial amount you’d like to apply toward your care. Medicard can pre-approve an amount that offers you the flexibility to choose a care provider you’re comfortable with.
  2. Choose your financing term: as little as six months or as long as six years.
  3. Submit your completed application through Medicard’s secure online platform at www.medicard.com or via fax at 1-888-699-4417.
  4. Medicard will notify you of your approved amount by phone.
  5. Medicard will confidentially fax or email your documents for you to sign.
  6. Sign and return the documents, along with a voided cheque, to Medicard.
  7. Medicard will pay your service provider directly.
  8. Your monthly payment will be automatically debited from your chequing account.

Veterans Affairs Canada (DVA) and the Workplace Safety and Insurance Board (WSIB)

If you have provided service as a member of the Canadian Forces, Merchant Navy, or the Royal Canadian Mounted Police, then you may qualify for hearing coverage under DVA.

Alternatively, individuals may also qualify for hearing aid coverage from the WSIB if they are able to show that they have suffered hearing loss as a result of long-term exposure to high-level occupational and work-related noise.

The best way to find proper advice on the financing options open to you is by speaking to your hearing care professional. Not only will they be able to diagnose the particular hearing loss you are experiencing and suggest a suitable solution, they’ll also be able to talk you through all of the financing options open to you.

No matter what financing option you decide to use, a hearing aid solution designed specifically for you will significantly improve your quality of life.

Want to learn more about financing options or simply want to visit York Hearing Clinic for a hearing evaluation? Contact our team of experts today, we would be more than happy to answer any questions you have.

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