18Nov2014

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How to save up for your hearing aid

Posted on Nov 18, 2014

If you’ve decided to purchase hearing aids, you’ll need to plan financially. Hearing aids are a great investment – not only will they improve your quality of life, they may also help you avoid potentially dangerous situations by improving your hearing. However, when it comes time to buy these useful pieces of technology, it’s important to plan ahead financially for the purchase.

Step 1: Determine the cost of your purchase

Like many things,  when you’re making a big investment, you’ll need to account for all the costs associated with the purchase. Depending on the level of technology you choose, hearing aids may be no different. Speak to your hearing clinic about the cost of their products and determine the right hearing aids for you. A good Clinician will take your budget into consideration when recommending a solution so you don’t walk away from quality hearing due to cost. Unfortunately, Medicare does not cover for hearing aids, but some private health insurers do, so be sure to check if your insurer could help with this cost.1

Step 2: Ask yourself how long you’d like to save

The thing about hearing aids is that you don’t want to spend a year saving up for them. Because they are a health-related purchase, you’ll need to think carefully about how long you realistically plan on waiting before making the purchase.

Step 3: Determine where you can save

It’s ideal if you already have a rainy-day fund for health problems an unforeseen procedures – this is tailor-made for a hearing aid purchase. If not, consider where you can cut back in the next month or so to put together the required amount of cash. For example, when you can prepare an inexpensive lunch at home, you could save up to $200 over the course of one month.

Step 4: Consider the realities of credit

Purchasing your hearing aids on a credit card isn’t necessarily a bad idea – but you have to make sure you approach the situation carefully. After all, the average Australian owes about $4,200 in credit card debt, according to MoneySmart.2 Buying on credit is a good option, but you shouldn’t do so at the expense of steps 1-3. Instead, if you choose to buy on credit, employ steps 1-3 for a compiling sum to pay your credit card bill.

1 PrivateHealth.gov.au. [Online]. Available: http://www.privatehealth.gov.au/healthinsurance/whatiscovered/. [30 October 2014].

2 MoneySmart. [Online]. Australian Securities and Investments Commission. Available: https://www.moneysmart.gov.au/borrowing-and-credit/credit-cards/credit-card-debt-clock. [30 October 2014].

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