Does Medicare help pay for hearing aids for the elderly?

Paragshah, I don't believe so. I think the hearing test is covered but no hearing aids. At least that is my experience with my uncle.
Amazon.com has an inexpensive pair that 130 people have rated well and the pair is about $330. The only thing is, we tried them and my uncle didn't like them because the dial was too sensitive for him. The mfg said not to put the dial past 2 and it went up to maybe 8 or 10? I can't remember. So we sent them back and got our $ back. It was kind of a pain to return them. You have to try them for 21 days then if you aren't satisfied you can return them with a letter saying why... Anyway, if my uncle wasn't so difficult, I bet these hearing aids would have been fine. (Acoustitone PRO Hearing Aids) They are best for people who can't hear high voices easily, like women, but can hear deeper tones. Also, it doesn't include the custom molded ear pieces. The ones that come with it might be a little uncomfortable. (See reviews if you're interested).

Hearing aid insurance is a must once the warranty period of the hearing aid expires. Usually, hearing aids come with a one year warranty. During this period, the user is insured against loss and damage. Some hearing aids may come with a warranty period of 2-3 years. Once the warranty period expires, it's the users responsibility to opt for a suitable hearing aid insurance policy.