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Hearing Aid Insurance

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I have my hearing devices covered world wide, listed separately in my house contents insurance, not house building Insurance. It costs me $1.0 AU a day. This policy was done 7 years ago so prices will possibly be different now.

In the US , renters insurance or insurance that covers things inside the house is very affordable as well .

Plus, many providers (including Costco) have loss of damage coverage.

If the aids are outside of the period of warrant/damage coverage , ESCO also sells insurance but, IMO, their prices are too high

In reply to @Deaf_piper

You've spent over AU$2,500 for that coverage. Some might find that not worthwhile.

Many US policies would not require any premium specifically for hearing aids. I'm not sure coverage would work worldwide. Check with the insurer. They will likely ding you on the backend when the CLUE report shows a claim. It would be interesting to try for legislation that excludes claims for medical devices from CLUE reporting.

Be careful with hearing aids and over a lifetime one likely doesn't need insurance and can self insure.

In reply to @OcramSagev

I pulled an ESCO quote on an E90 Sphere. $598/year. $758/year if one adds coverage for normal wear and tear repairs. For $600 a year one can have newish Costco aids for life with free one time replacement and free repairs for normal use.

You can get decent home insurance in the U.K. for about £300-400. That can have a ‘personal items’ value up to £5k. You just need to shop around or speak to a broker to get the terms you want.

For the record, Costco's loss insurance is for 2 years only. I lost one once because some twit did a u-turn on her bike with no notice and without checking behind her on a bike path and ran into me. We both crashed, and I didn't realize I lost one of my aids until I was back on my bike. IOW, no matter how careful one is, other people can have unexpected impacts.

If one bought new Costco aids if one lost them more than once, one would be ahead of ESCO premiums unless losing them often. Is there a reduced cost for a second loss of a Costco aid or it's just buy a new one at that point?

I only commented on the Costco coverage because most of their coverage is for 3 years. I did not mean to comment on the cost of coverage. ($1/day seems high to me, as it does to others.)

I was told I'd have to pay out of pocket to replace an aid if I lost a 2nd aid for the same ear or lost an aid after the 2 years were up

In reply to @user490

@user490 said:

You've spent over AU$2,500 for that coverage. Some might find that not worthwhile.

I have absolutely no idea where you got that $2500 AU from. $1.0 a day works out at 365/66 days a year. So that works out as $366.00= $255.00 US per annum.

When my comes to $10,000AU if lost, stolen or broken $366AU a year is very worthwhile. Not many people have a spare $10K just lying around.

The best cheap insurance is hearing aid retainers (ear clips or whatever each company calls them). They have saved me several times. I started using them after one of my aids went flying taking off my mask during the scamdemic. Luckily I got the aid back. Since then I bought retainers and never had an aid fall off completely. Instead the aid will drop from behind my ear but the retainer keeps it plugged into my ear so I can put it back. I consider them a necessity.

Unfortunately that doesn't cover water or damage by pets etc, best cover is home and contents which is pretty cheap overall outside of USA (seems it's a rip off there)

In the US:
For an apartment: It is very cheap (I pay about $25/month). The outside of the apartment is covered by the homeowners association (or landlord).

For a house: It can be expensive, depending on the state, but it's something banks require to have if you have a mortgage.

In reply to @tenkan

Would property insurance cover water damage from sweat/rain/dropping or pet damage? Maybe but it's not the stolen type of coverage an insurer is expecting. Anyone have a claim experience?

In reply to #20

Possibly the coverage or add on coverage outside the US is broader. Regardless, it's particular to location and policy. It's worth seeing what renter's/homeowner's might cover but it is likely less broad than the loss/damage coverage sold with new aids without some sort of rider/endorsement.

Hey all,

I have been absent for a bit and I do have cochlear updates to add. Anyway, the exact information under Homeowners coverage in the US is as follows. I supervised home claims for 34 years and know Home, renter's and Condo policies well - they are all pretty much the same.

Home owners policies have coverage for the structure, your personal property (a hearing is contents personal property).

Under Condo. you own only a % of the association structure with limited structure coverage. It is predominantly a personal property policy.

Renters is all personal property as you have no ownership interest in the structure at all.

 

With that, personal property contents coverage (including hearing aids and everything that you own that is not "real - structure property" ) are covered for what are called named perils only and subject to policy exclusions. Fire. wind hail. vehicle, vandalism, and usually 12-15 total perils. Theft and losing property and mechanical or electrical breakdown and malfunction are limited or not covered. Pretty much S.O.L.

Bottom line is that typical homeowners policies do not have a common peril that fits hearing aid damage. Your Company may be able to write coverage for a "rider - floater" like you do on a diamond ring etc. I have never seen one that applies to a hearing aid. I suggest calling your Agent. Some outside specialty companies specific to aids may have coverage. PM me if you have insurance questions.

Thanks

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