Hearing Aids in 2023: Why Do They Cost So Much?

To improve your hearing ability, particularly in noisy environments, it is recommended that people with hearing loss use hearing aids. You'll be able to participate in conversations and the world around you more easily and attentively. The exorbitant price of hearing aids is, unfortunately, the primary reason many individuals choose not to have them.

Actually, only around 30% of those aged 70 and over with hearing loss are presently using or have used a hearing aid. The percentage of individuals with hearing loss who use a hearing aid drops to 16% when looking at those between the ages of 20 and 69.

Find out the facts regarding hearing aid prices and how to save money on them below.

What Exactly Is Included in the Cost?

It's possible that the advertised price of a hearing aid won't be the same as the actual price you pay. The total price of a hearing aid may include the device itself and the cost of services such as fitting and dispensing, follow-up care, modifications, warranties, personalization, and follow-up visits.

These costs are additional to the price of the hearing aid equipment and are usually linked with visits to a hearing clinic or audiologist. However, if you acquire them from a business that caters directly to consumers, the price may not include anything except the actual hearing aid itself. Some customers choose to pay more by purchasing extras like a warranty or additional accessories.

Collectively Bearing Expenses

A more significant price tag might also be the result of the audiologist or hearing clinic choosing to "bundle" services. When you bundle, you just have to make one payment for all of your hearing aids −

• Maintenance and Installation

• Repaired and Loaner Hearing Aids

• The actual hearing aid machine

You may avoid paying for extraneous services if you seek to have the price of your hearing aid separated from them. It's up to the individual to decide whether they'd instead bundle or unbundle. There are many who like the stability that comes with a package deal, while others would rather pay as they go.

Causes of Increase in Hearing Aid Prices

Many individuals are perplexed by the wide price range of hearing aids, ranging from $300 to over $5,000. This is by no means a complete list, but it does include some of the most regular variables.

Technology − The price of a hearing aid goes up with more high-tech features, such as Bluetooth, smartphone applications, wireless parts, a telecoil, and separate volume controls for different frequencies.

Types of Hearing Aids − The bottom line might be impacted by your preferred aesthetic. For instance, in-ear hearing aids tend to cost more than their behind-the-ear counterparts.

Power source classification − The purchase price of a rechargeable hearing aid is usually more than that of a disposable one. However, a rechargeable battery might save you a lot of money.

Functional elements − The price increases with features like feedback management, noise reduction, directional microphones, wind noise management, AI, and tinnitus masking.

Types of Hearing Aids − Regarding hearing aids, certain manufacturers' older versions may be purchased at a reduced cost while still providing comparable functionality. Look for a previous generation and evaluate its functions before making a purchase. There are occasions when it's best to choose the cheaper option since the differences are negligible.

Sustaining attention and care consistently − The cost of a hearing aid may be increased by the need for an audiologist or hearing center consultation, fitting, adjustment, and maintenance services. The greater the quantity of assistance required, the greater the price tag.

Advantages of Insurance − Hearing examinations and equipment might be less expensive because of the restricted coverage certain private health insurance companies give.

Buying Hearing Aid Online

Many buy hearing aids online. Online device purchases offer various options. Walmart sells hearing aids online. An online bargain network offers hearing aids up to 35% off retail. These internet providers partner with local hearing centers or audiologists to provide affordable, high-quality hearing aids.

Consumer-Directed Hearing Aid Companies

Eargo and MDHearing sell hearing aids online. These firms do not need a hearing test, although many provide online hearing tests to assist you in deciding. Some direct-to-consumer providers offer phone or online consultation with an in-house audiologist before and after the purchase to aid with programming.

OTC Hearing Aids

Over-the-counter hearing aids are not currently available in drugstores or big-box retailers.

Do Hearing Aids Count as a Medical Expense?

You could be eligible for hearing aid coverage via your private health insurance, whether it's through your work or a self-funded plan for you and your family. A hearing test or a part of the price of hearing aids may be covered by specific private health insurance policies. Many, however, do not provide any kind of support for hearing aids. Before acquiring a set of hearing aids, be careful to read the tiny print in your benefits booklet.

It's a good idea to research whether or not your health insurance covers hearing aids since some states require health insurance plans in the state to cover hearing aids for children, while others have adult-specific requirements.

Hearing aids and hearing aid fitting tests are not covered by Medicare Parts A and B. Part C enrollees who have questions about their Medicare Advantage plan can contact their insurance company. Some Medicare Supplement Insurance (Part C) plans to provide services beyond those provided by basic Medicare.

Most individuals put off getting hearing aids due to the high cost. The good news is that hearing aids are becoming more accessible due to direct-to-consumer enterprises, internet discount networks, and entry-level models supplied by certain premium manufacturers.

If you want to save money, it's crucial to simply purchase what you need, negotiate for separate items rather than packaged bundles, compare prices, and consider paying over time or with financing. Also, see whether your health insurance provides coverage for hearing aids.