If your hosta are devastated by hail damage, know that they will come back with a little help. There a couple thoughts on this:
Make your own decision on how you want to proceed.
Cut them off at the ground. Fertilize with liquid fertilizer and water well.
They will send a new flush of leaves for your hosta pleasure.
Trim the ragged leaves and remove broken petioles, fertilize with a liquid fertilizer and water.
They will look the same for the rest of the summer.
Pictured: Two hosta ‘Granary Gold’. Both were shredded by hail in 2016. One was cut to the ground and the other was trimmed to look it’s best. The one cut to the ground in 2017 was half the size of the trimmed hosta. By the end of summer 2017 the smaller one, which was cut to the ground still had not caught up to the one that was trimmed.
If you want your hosta garden to look nice, and cannot tolerate the ragged edge hosta, cut them to the ground. They will regrow, otherwise look forward to a better year next year.