I am approaching my mid 60's and suffer from tinnitus and hearing loss, the loss being worst in my right ear.
One thing I will add, is that when I had a hearing test, the tinnitus made it incredibly difficult to discriminate the test tone as the frequency increased, which led to a response curve that simply did not match my actual hearing loss.
I have Siemens branded hearing aids (I'm in the UK) and these are 'open' (tinnitus sufferers are apparently given an ear pad that allows unamplified sounds to enter the ear) - however the net result is that the DSP in the hearing aids causes sound through the aids to lag behind 'normal' sounds by a fraction of a second, so for example when I'm in a car and there is a 'bong' from the dashboard warning system, I hear it twice.
My aids also have different settings for speech, music and television, however I find them utterly useless for music and TV.
At the time of getting the hearing aids, the audiologist told me I would notice a huge difference in social gatherings, and would better be able to discriminate voices.
The made no difference. It must however be said that even in my youth when my hearing was good, I struggled in noisy social situations, so I didn't really expect any change there.
I feel that once my hearing deteriorates to the point where music / TV has to be unacceptably loud, I will have to resort to wearing headphones.
On a final note - I've had the hearing aids for about 4 years now, but I very, very, rarely wear them.