Optical Goods & Hearing Aids

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Just as your customers have choices of where to go for their optical goods and supplies needs, you have choices with your insurance. It is likely that every agent who calls will tell you they can write business insurance.

Options for paying for your hearing aids may include financing offered by your hearing care professional, credit from a third party like CareCredit, insurance coverage, charitable organizations or help from family. Investigate all your options to find the best fit for your hearing needs and your budget.

Finding financial assistance for hearing aids

When you’re ready to purchase hearing aids, you don’t want to waste time finding out if you qualify for monetary assistance. Based on the way most people are provided with financial support, we have put together a prioritized list below to help uncover your options.

Coverage for hearing aids with insurance

To determine if your health insurance covers hearing aids, check with your individual plan. Most plans have a toll-free number for member services listed on the insurance card. Even if you have it, insurance coverage for hearing aids varies in the way it is administered. Here are some real-life benefit types for hearing aids:

  • A health plan may pay a specified amount toward the purchase of aids, like $500 or $1,000. This amount may be allowed toward the entire hearing aid purchase (whether one aid or two aids are purchased), or the amount may be allowed per ear. The benefit may renew after a given number of years, usually 3 to 5 years.
  • A health plan may give you an allowance toward hearing aids if you purchase from a contracted provider. An allowance is a specified amount that is subtracted from the total purchase price. For example, if the cost of a pair of instruments is $4,000 and your health plan has a $1,500 allowance, your out-of-pocket cost would be $2,500. This benefit may also renew every few years.

The types insurance that you need will depend very much on how your business is set up. For many the optical goods manufacturers commercial combined policy provides a broad range of covers designed to offer cover for a range of different contingencies such as;

  • Property and Material Damage
  • Business Interruption
  • Business Money
  • Glass Breakage
  • Combined Liabilities
  • Business All Risks
  • Goods In Transit