The population of elderly patients in Israel is constantly increasing, and so is the prevalence of age-related morbidities. Age-related hearing loss is very common, affecting approximately a third of the population over 65 years of age. Dementia is also common in elderly patients, and its prevalence doubles every 5 years after the age of 65 years. Hearing loss has many negative effects, such as decreased quality of life, social isolation and depression. In the last two decades, researchers had shown a direct relationship between hearing loss and dementia. Successful hearing rehabilitation can mitigate these negative effects and recent studies demonstrated that rehabilitation with cochlear implants slowed cognitive decline. In most cases, hearing aids are used for rehabilitation. However, for many patients, conventional hearing aids are insufficient. Cochlear implants were found to be effective and safe for elderly patients with severe hearing loss, but commonly they do not refer for evaluation due to their age. In this review we present the scientific evidence regarding the negative effects of age-related hearing loss, the association between hearing loss and cognitive decline, and the role of cochlear implantation in improving quality of life and slowing cognitive decline.