I would say there is a 3rd and 4th option not mentioned:
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A TransEar. It looks very much like a small BTE but the earmold portion rests in the bony portion of the ear canal on the deaf side. It uses bone conduction to transmit the sound to the better side. The ear with normal hearing doesn’t have to wear a receiver at all, a unit is only worn on the side without hearing. http://www.transear.com/
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This one uses the same principle of bone conduction to transmit the sound from the dead side to the side with normal hearing but it is accomplished via a Bone-Anchored-Hearing-Aid (BAHA) which is not considered a hearing aid at all by insurance standards and may be covered by insurance. It does require surgery. A housing is surgically implanted in the mastoid bone and the BAHA is snapped in/out of this housing. They were initially designed (I believe) for individuals who could not wear a hearing aid (no ear canal, chronically draining ear, etc.) but has been used in more recent years for single-sided deafness. You can try the BAHA by using a headband to see if it is something that would work for you before undergoing any permanent solutions. You can go to this site http://www.cochlearamericas.com/Support/38.asp to find a clinic in your area that is a provider of BAHA devices. I fit 2 of these about 5 years ago and the patients really loved them.
As for the Phonak CROS system, it can be used with any of the Spice platform HA’s, not just the very high-end products. I have fit 3 of these and although they do work marvelously, the battery life is abominable…only 2 days in most cases. For people who have used older CROS/Bi-CROS systems in the past, the switch to the far smaller device with more noise reduction features on it is worth the additional cost in batteries/year…but for some it may not be.