The Advantages of Leasing Your Hearing Devices
Written by: Dr. Nimet Adam
Hearing aid technology continues to advance at a rapid rate. Advancing technology is a good thing for patients because they have the potential to improve their hearing and quality of life. However, the cost of keeping up with the latest technology can be an expensive option. That is why leasing programs can offer the best of both worlds. No large out of pocket expense and the ability to upgrade every few years is an enticing option for many.
Following are a few considerations for why leasing may be a good option:
Rapid advancements in hearing technology
• With constant innovation, a leasing program allows hearing aid patients to take advantage of advancements in technology through a short-term vs. a long- term purchase.
Life of a hearing instrument
• The average hearing aid has a life of 5.7 years*. Leasing provides the opportunity to upgrade every 3 years, which helps avoid maintenance and repurchase issues.
No insurance benefit for hearing aids
• Since hearing devices are most often an out of pocket expense reducing the payments over time will allow more patients to receive hearing healthcare services. A large upfront cost or interest payments can discourage patients from moving forward with hearing healthcare.
• Like the automobile lease, hearing aid leases provide the lowest possible payment for patients that wish to use a product, while maintaining the flexibility to change and/or upgrade in the future.
There are typically 3 aspects to a Lease:
Purchase option at end of lease
Who would benefit from a Lease program?
Individuals that want to remain in current up-to-date technology and therefore seem to upgrade every 2-4 years. Those who like the idea of a low monthly payment paid over an extended period of time vs. a lump sum up front. This is ideal for people on a fixed income.
Finally, unlike other programs that may offer discounts on the price of the devices by removing the service component, leasing gives you the option of getting great products without compromising on service or warranty.
While financing typically allows early pay off, many fixed income patients who choose to pay with their Visa or Mastercard make only minimum monthly payments every month. This means a much longer time to pay off their hearing aid purchase. Many of the major credit card companies calculate the minimum monthly payment using a figure of 2% of the outstanding balance.
*Sergei Kochkin, PhD, MarkeTrak VI, 2001