Hearing loss and HiFi

pipebro, you won't want to wear your hearing aids while listening to music. They don't sound that hot for music. It is just a mater of volume and EQ. The best way to go is to get a DEQX unit, Anthem STR or Trinnov Amethyst. These units not only provide room control but they allow you to alter the frequency response any way you want and you can keep multiple profiles in memory so you can easily switch back to a normal EQ when you have company over. I think the visceral nature of music becomes more important with hearing loss. Beethoven said he could conduct by feeling the music. He never heard the 9th symphony, he felt it! Anyway, all these units have digital bass management which makes adding a subwoofer a breeze. I think it will really add to your enjoyment. These room control units will also keep you in the hobby as they are a riot to play will and give you an unbelievable amount of flexibility as long as you don't mind playing with computers.  
A detailed audiogram will give you an idea where you need to go but frankly their resolution is not that good and they stop at 8,000 Hz. In the end you will have to fine tune it by ear. You can also keep different profiles for different types of music. As an example, music with a lot of energy between 2 and 4 thousand Hz you will find annoying maybe even painful. You can make a curve with a 2-3 dB dip in this region which will improve things quite a bit. 
This will definitely improve your enjoyment of music but for how long I can't say. People's hearing declines at different rates. Very few of us become stone cold deaf. The major problem for people with hearing loss is maintaining a conversation in noisy conditions like a loud restaurant and frankly, most hearing aids to a poor job of dealing with this situation. Bose makes a product called Hearphones. I now recommend them to all of my patients with hearing loss and they universally love them. They are directional hearing aids. All you have to do is point yourself at whatever you want to hear and the rest of the environment gets cut off. They are the best for conversation and stuff like watching TV. They will even work well at concerts and lectures. I still would not wear them for Hi Fi listening as your system will be one very large programmable hearing aid with limited if any interference. And, by the way they only cost $430.00. Dirt cheap relative to even inexpensive hearing aids (which you will learn are a big racket) For people on a budget they are the only way to go.    

When I was young and had healthy hearing I would say to older customers that when they go to Symphony Hall they hear the orchestra with the same hearing filter they have at home, so just listen for the same qualities of sound in speakers that they hear in live concert listening. Now that I am older snd experience loss of acuity in my left ear, combined with tinnitus I can say that my ability to make that judgement is what’s diminished. And my pleasure in listening to music with it. While logically correct, my youthful opinion missed the point!

Clarity -- especially movie dialogue with advanced Dolby -- went out the window years ago.

In my early 40’s (66 now), I suffered acute severe sensorineural hearing loss in one ear. As a music lover I was severely depressed by this in the short run, but over the years I have compensated nicely. Fortunately I maintain “normal” hearing in my unaffected ear, but my point is to maintain your love for music and you will compensate naturally. The only reason that I believe would be valid to downsize your system would be if you needed the cash...

Pipebro, try this.  Now at the age of 66 I have noticed a bit of a roll-off in auditory reception, mostly in the upper range of frequencies and mainly in my left ear.  Through simple experimentation I found that by pushing out my left ear, from behind and from the base of the ear, I had a marked improvement, particularly in high frequency reception.  And fortunately, this aided not only in finer details but also in a better quality of imaging.  So what I am doing now, when sitting in "the sweet spot" for serious music listening, is placing a small piece of closed cell foam directly behind my left hear, at the base of the ear and next to my skull.  I use a makeup cleansing pad which is a soft foam material.  I cut it in the shape of a crescent so it follows the shape of my ear.  This pushes out my ear, slightly forward, about 1/8".  It's so simple and yet quite effective.  Maybe I am lucky and this minor adjustment is all that I need.  It may or may not work for you.  But since it is such a simple task and costs just a couple of dollars for a bag of 12 pads, then it certainly is something you should try.  I hope that you find good results.  FYI, these pads are available at Target, Wal Mart, and most drug stores.  There are very soft ones and there are more firm ones.  I found the more firm ones, which are a closed cell foam, keep their shape much better and don't compress flat.
Best to you.  Be safe and be healthy.