hearing aid insurance for loss or damage

Protecting Your Investment Why Hearing Aid Insurance is Crucial

Hearing aids represent a significant financial investment, often costing anywhere from $1000 to $5000 for a set. Like other expensive electronics, they can be easily lost, damaged, or stolen when you’re out and about. That’s why more hearing aid users are turning to specialty “loss and damage” insurance to protect their investment in these essential devices.

In this comprehensive guide, we’ll look at:

• How often hearing aids get lost or broken
• The costs to repair or replace devices
• What types of damage insurance can cover
• Who offers the best plans
• Key considerations when choosing coverage
• Tips on getting approved

Read on to see why purchasing coverage against loss, theft, accidental damage, and out of warranty breakdowns can give you peace of mind and save you from huge replacement expenses down the road.

How Often Do Hearing Aids Get Lost or Damaged?

Industry surveys indicate about 1 in 5 hearing aid users will lose or damage their devices each year.

Some common causes include:

• Dropping them, especially in the sink or toilet. The devices aren’t waterproof.
• Having them fall off your ear and get stepped on. Their small size makes them easy to lose.
• Damage from exposure to moisture and earwax. This can shorten the lifespan.
• Cases being lost or stolen along with the hearing aids inside.
• Pets like dogs chewing on or playing with hearing aids they find.

With the typical lifespan being only 4 to 5 years, you’ll likely need to replace your hearing aids at least once, if not more. That’s where insurance can really pay off.

The High Costs of Replacement Hearing Aids

Getting new devices is expensive, especially if you don’t have coverage through insurance or an extended warranty.

The typical out of pocket costs for common hearing aid repairs or replacements include:

• Lost Hearing Aid Replacement – $1,000 to $3,500+ per device
• Water or Pet Damage Repair – $300 to $500
• Out of Warranty Repairs – $200 to $300
• Replacing Dropped & Stepped On Device – $1,000 to $2,000

And you’ll need to pay for two devices each time, even if only one needs replacing. Having insurance can minimize these frequent and costly expenses.

What Hearing Aid Insurance Covers

When researching plans, look for coverage that includes:

• Loss or theft – top cause of claims
• Accidental damage from drops, falls, etc.
• Damage from exposure to moisture
• Chewing damage caused by pets
• Mechanical breakdowns after manufacturer warranty expires
• Cost of temporary loaner devices during repairs
• Completely replacing devices if needed

The best plans have high coverage limits per claim, low deductibles, and no lifetime limits. Some even cover damage during battery changes and custom ear molds.

Which Insurers Offer the Best Hearing Aid Plans?

While some health insurance and warranty plans include limited hearing aid benefits, your best options are through these top specialty insurers:

Safeware – Offers device replacement coverage with options from $20 to $40 per hearing aid monthly. Very comprehensive plans.

Warrantech – Known for affordable extended warranty plans covering mechanical defects.

Protect Your Hearing – Plans from just $9 per month. Replaces lost or damaged hearing aids up to $2,500 per ear.

Americas Best Plans – Low cost plans starting under $13 monthly. Provides replacement coverage as well as free batteries.

When comparing plans, be sure to read the fine print. Some insurers have dollar limits per claim or coverage year. Others have high deductibles over $200 per repair claim. The best plans also bundle several benefits in one policy.

Key Considerations When Choosing Hearing Aid Insurance

Here are a few factors to consider as you shop for coverage:

Coverage Limits – Higher is better. At least $2,000 to $3,000 per hearing aid is recommended.

Deductible Amount – Lower is better. Avoid per-claim deductibles over $100 if possible.

Replacement Timeframe – Shorter wait times for replacements are ideal. Some insurers reimburse you quickly.

Discount Hearing Aids – Will insurance apply if buying discounted hearing aids? Some plans only cover devices purchased at full price through a doctor.

Coverage Grace Period – If canceling your policy after starting coverage, make sure you have 30 days to make a claim on hearing aids that suffered damage while insured.

Benefit Bundling – Plans with extra perks like loss & damage coverage, extended warranties, free batteries, and cleaning supplies can save you money.

By evaluating these key points, you can identify the right insurance choice for your specific hearing needs and budget.

Tips for Getting Approved for Hearing Aid Insurance

Here are some tips on getting coverage to protect your investment:

• Shop early – get quotes right when you first purchase new hearing aids in case wait periods apply.

• Read the exclusions – some preexisting damage may not be covered if devices were previously repaired.

• Pick higher deductibles – can lower your monthly premiums substantially.

• Get discounts – see if associations, workplaces, or AAA offer reduced group rates.

• Enroll in auto pay – pay premiums on time to avoid cancellations. Set payment reminders.

• Extend warranties – maintains coverage for mechanical defects past the included 1 year warranty period.

• Bundle your plan – insure other devices like glasses or dentures for potential multi-policy discounts.

Following these tips can help you get affordable premiums and smooth approvals.

Is Hearing Aid Insurance Worth the Cost?

While no one expects their hearing aids to get lost or broken, it happens to around 20% of users every year. Just one repair bill or replacement can exceed the total cost of insurance premiums.

And with devices averaging $2,500 to $5,000 for a set, experiencing even one incident without coverage can be financially devastating. Meanwhile, a typical policy costs only $200 to $500 per year.

So if you want budget protection and peace of mind in case you lose or damage your invaluable hearing aids, most experts agree insurance is an absolute must-have. By safeguarding your investment against unexpected costs, you can get back to simply enjoying clear, comfortable hearing.