Welcome to 2020! The beginning of the year may be the right time for you to consider upgrading your current sound processor to our latest innovative technology.
Using your insurance benefits at the beginning of the year might be a good option for you if you’ve been considering upgrading your current sound processor. As the new year starts, many insurance plans have deductibles that need to be satisfied before your insurance will cover medical costs. Your deductible is the specified amount of money that you must pay out-of-pocket before your insurance will pay towards your services.
You can maximize your benefits by reaching your deductible at the beginning of the year. Once your deductible is met, a higher percentage of your covered services will be paid for by your insurance, which typically means lower costs to you. To help satisfy the deductible, there are multiple options available to you to help you pay out-of-pocket, including the following:
- Flexible Spending Account (FSA): If an FSA is offered through your employer, you or your spouse can start the year with a federally regulated amount for medical expenses and gradually reimburse your employer through pre-tax deductions from your paycheck. As the dollar amount is determined by the IRS and subject to change each year, we encourage you to review the amount offered each calendar year. You may establish an FSA during your employer’s insurance open enrollment period. FSA funds can only be used for the portion of the cost not covered by insurance.
- Health Saving Account (HSA): An HSA accommodates those with high-deductible health plans (HDHPs) by allowing them to put aside a certain amount of savings for medical expenses not reimbursed by their insurance. These amounts are also federally regulated and subject to change each year. We encourage you to review the amount offered each calendar year. If your health plan qualifies as a high-deductible plan, you may establish an HSA during your employer’s insurance open enrollment period. HSA funds can only be used for the portion of the cost not covered by insurance.
- CareCredit® offers interest-free financing plans1 that can spread payments over 6, 12, 18 or 24 months to help fund out-of-pocket costs and coinsurance. Longer period terms, up to 60 months, are also available for eligible purchases at fixed interest rates. Link to the application can be found here.
- Contact local, state, and national organizations to inquire about assistance with helping to fund your sound processor replacement. Worthwhile resources include vocational rehabilitation agencies and nonprofits active in causes related to hearing loss.
One of the most exciting things about Cochlear technology is that it continues to evolve. Next-generation sound processors are designed to deliver new capabilities while working with your existing implant so there is no need for additional surgery. Plus, our next-generation Cochlear™ Nucleus® and Baha® Sound Processors are compatible with all Cochlear True Wireless™ accessories so you can stream sound wirelessly from everyday devices. Click here to learn more about the upgrade process.
We’re here to help
Let us navigate the insurance reimbursement process for you. We are here to help you through every step of the process, from placing your order to choosing your accessory options. We will work with your clinician to determine medical necessity and collect all documentation needed to bill your insurance directly. Please plan ahead, as it takes an average of 6 to 8 weeks to process orders.
Contact us at 1-866-922-8673 or via email at Customer@Cochlear.com. If you choose to use Cochlear’s Reimbursement and Insurance Services, you will need to provide us with your specific insurance details in order for us to provide you with your estimated out-of-pocket cost.2 3
- Interest-free is only applicable if the balance is paid in full prior to terms expiring. Subject to credit approval. Minimum monthly payments required. See carecredit.com for details.
- Information provided by Cochlear Americas regarding insurance coverage or reimbursement is provided as guidance only and is not intended as reimbursement or legal advice. Cochlear Americas makes no representation or warranty regarding such information or its completeness, accuracy, fitness for a particular purpose, or that following such guidance will result in any form of coverage or reimbursement from any insurer. Information presented is subject to change at any time. To be sure that you have the most current and applicable information available for your unique circumstances, please consult your own experts and seek your own legal advice regarding your reimbursement needs. In all cases, products or services billed must be medically necessary, actually performed and appropriately documented in the medical record. The Reimbursement and Insurance Services is a Premium Service. Replacement sound processor will be billed to your insurance at the existing list price for the replacement sound processor. Coverage and out-of-pocket expenses will vary depending on your insurance benefit coverage.
- This communication is not intended for individuals who wish to seek insurance coverage from Medicare, Medicaid, VA, Kaiser or Tricare.