Why Are Hearing Aids So Expensive? | The Truth About Hearing Aid Pricing

Dr. Clifford Olson from Applied Hearing Solutions in Anthem Arizona discusses the 5 reasons why hearing aids are so expensive.

http://www.AppliedHearingSolutions.com

Reason #1 – Research & Development. Millions of dollars are spent each year on the R&D associated with hearing aids. Hearing aids didn’t become so small just by calling China and requesting a reduction in size. It takes time and money to develop products that have all of the same, and newer, features inside of a tiny little device.

Reason #2 – Hearing aids are not consumer electronics, they are customizable durable medical equipment. Apple sells HUNDREDS OF MILLION iPhones each year and there are only approx 3 million hearing aids sold each year. There are just not enough hearing aids sold to be able to get the technology prices down as low as a smartphone.

Reason #3 – Lack of competition in the hearing aid industry. There are only 6 major manufacturers of hearing aids world wide. Until there is more competition, the prices will continue to be on the higher side.

Reason #4 – No good direct-to-consumer (OTC) products…Yet. Cutting out the middle man (ie. the hearing care professional) will definitely reduce prices of devices. However, being able to create great hearing devices requires more than just slapping a microphone, amplifier, and speaker together and connecting them to your phone. Just ask Doppler Labs who went out of business trying to create a cheap alternative to hearing aids. I guess treating hearing loss well took more money to create a great product than they thought.

Reason #5 – When you buy hearing aids, you are also paying for expert professional care from an audiologist. Hearing aids do not treat hearing loss. The combination of a great hearing aid along with proper fitting, programming, training, and follow-up care are what make a hearing aid perform well. In-fact, the majority of the cost of a hearing aid is due to the fact that you need a professional to ensure you are maximizing the benefit of your hearing aids. However, they are only worth the money if they use “Best Practices” when fitting your hearing aids. Most notably, Real Ear Measures. Want to know more about Real Ear Measures? Check out my video: https://youtu.be/cHR0Oa6I-wY

How to save money on hearing aids: https://youtu.be/cak7mlwHPbY

Comments

SnoozeVictim says:

Just get a hearing aid at AliExpress. You pay 20-50$ per pair which is en par with the ones you get in the west. In fact, they are all produced in China anyways. Just buy them without the brands logo. The hearing aid bubble is about to burst. The prices are high because medical devices get covered by many insurances. That’s the only reason.

TB6491 says:

A question I’ve had for a long time is why don’t the manufacturers, once they have a new product on the market, drastically reduce the older models and make them available for the masses. They are already tooled up and should have recouped their costs and hopefully made a profit and they could continue to make a profit off the older models. Not everyone, including myself, has to have the latest and greatest hearing aid. Millions more people could benefit from older models and there are always those who have to have the latest ones.

BobbieGWhiz says:

I bought 2 hearing aids for $900 from iHear (includes replacement for loss). With T-coils and digital noise reduction, but no bluetooth and I don’t think they have directional microphones. They are wonderful and greatly improve my hearing, but I’m sure I could have gotten better ones for $5000, but I was willing to make that trade off. I can program them myself at home at my own convenience, which I found very helpful. They will help you over the phone if you wish. Audiologists have a right to make a living and I’m sure their cut is not huge, but it’s just not worth it to me to get the “Mercedes” with all the bells and whistles and pampering, when my “Accord” quality aids do a very fine job. I went to a conference today in a large room which in the past I had a very difficult time hearing, but it was so clear with the new aids. I enjoy your videos and wish you the best.

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