Cheaper Hearing Aids Coming to a Store Near You

This week, Craig Siminski, of CMS Retirement Income Planning, shares with us an article discussing a recent regulatory shift making it possible to buy an effective hearing aid without a medical exam or a prescription, and potentially for a lot less money:

More than 37 million U.S. adults are living with some hearing loss, but only about one-fourth of those who might benefit from a hearing aid have used one. One big obstacle is cost: The average price of a pair of prescription hearing aids runs about $4,600.

Traditional Medicare and most health insurers cover routine hearing tests but not the cost of hearing aids, although some private Medicare Advantage plans will help cover them.

In an effort to spur competition and lower prices, the Food and Drug Administration (FDA) released final rules for a new category of over-the-counter (OTC) hearing aids specifically for adults with mild to moderate hearing loss. These OTC hearing aids are designed to be self-fitting, and they cost less, partly because they don’t require the services of an audiologist to evaluate the person’s hearing and fit or tune the device.

Consumers who purchase OTC hearing aids should be able to set them up by themselves or with technical support provided by manufacturers through apps or over the phone.

Well-known manufacturers are rolling out an assortment of OTC hearing aids, many of them costing as little as $200 to $500 per ear. Some wrap around the ear like traditional hearing aids, but others look more like ear buds or are nearly invisible.

They are already available at many stores where health-care devices are sold, or online, but this brand-new market should continue to expand over time. Hearing loss is often progressive, and research shows that people wait an average of…

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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 25 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.

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