Live Transcribe for Phone Calls

I have an iPhone 11 with iOS 17.4. How do I enable live transcribe for phone calls? I am hearing impaired. I have the phone blue toothed to my hearing aids so I know when a call is coming in. I am hoping that once I answer the call there is a way for the caller's voice to be transcribed so I can talk to them and read their response. Is this possible and if so, would I have to turn it on each time I get a call or would it be automatic?