A:AnswerI see no reason you couldn't use this for your hearing aids if those aids have RCA connectors. It comes with a TSO Link cable. I will tell you in advance there is a slight 25-30 millisecond delay induced as part of the physical audio translation but you probably won't sense it.
A:AnswerFrom your general description, it does sound like this adapter is what you're needing. If you are not seeing any audio settings regarding PCM/RAW you might need to contact LG support for detail regarding their menu.