All across the United States, access to various medical support and technologies is blocked by excessive prices. Hearing aids are no exception. Over the years, the average amount of money paid to receive a pair of hearing aids has climbed higher and higher. Suddenly, people are expected to pay thousands and thousands of dollars for a hearing aid – and they’ll have to find double the funds if they require two different devices!
Let’s talk about why. There is a range of reasons why pricetags have gotten so expensive over the years. From manufacturing costs to price markups, this blog will discuss some of the main reasons why traditional hearing aids are unaffordable for so many Americans.
For personalized advice, contact our team at Tweak Hearing today.
Exorbitant Price Markups
Since their invention, the cost of a hearing aid has skyrocketed. Why exactly is that, then?
The very first hearing aids would have cost you around $60-$150. Although the average cost of modern hearing technology is around the same, price markups can have hearing aids going for thousands and thousands of dollars. You’ll often find that hearing aids are sold for a high rate in the wholesale price market. Manufacturers will add exorbitant costs when selling the technology to audiologists, who will then hundreds to thousands of dollars on top of that when they sell the product to patients.
How does this happen? Basically, price bundles. Purchasing a hearing aid from an audiologist seems like a relatively straightforward and simple process, but that ridiculous price tag isn’t just for the hearing aids you’ll walk away with. Suddenly, you’re getting charged for the various fees and services of your audiologist. You have to pay the flat appointment fee, plus hearing loss evaluations, hearing aid tuning, fitting, and various other services. Soon enough you’ll be paying thousands and thousands of dollars just to get the treatment you need.
There are various other factors that can contribute to the skyrocketing prices of hearing aids. There is a distinct monopoly of manufacturers, for one thing – with a small group essentially controlling the industry and overarching prices. Another factor that is raising costs is the rapid speed of developing technology.
Just as our phones and computers seem to be getting more advanced every single year, hearing aids are improving at incredible speeds. Modern products are incredibly sophisticated, coming equipped with various features such as:
- Remote control
- Multiple channels
- Speech recognition
- And more!
All these additions are improving so many lives. However, they can play a huge role in the outlandish prices people have to pay for high-quality hearing aids. These technological advancements are also only made possible through research and development, which rely on millions of dollars constantly coming in. This is yet another reason why hearing aids are so expensive nowadays – research into hearing technology relies on that income.
Price tags can act as a barrier to ensure that people don’t purchase hearing aids if they don’t need them, deterring people from using the technology improperly. The unfortunate side effect of this is that many people simply cannot afford custom hearing aids, and therefore find themselves living with hearing loss. Millions of Americans don’t have access to the technology they need, but there is a solution that could help.
Over-the-counter (OTC) hearing aids are an exciting development in the field. They cost just a fraction of traditional hearing aids, but that doesn’t make them a ‘dodgy’ or ‘unsafe’ option. OTC hearing aids are regulated by the FDA to ensure quality and safety requirements are met, but they aren’t going to cost the outlandish prices of other hearing technology. If you are looking for hearing aids that won’t cost you thousands upon thousands of dollars, OTC hearing aids are worth looking into.
Contact Tweak Hearing for Affordable Hearing Aids
Everyone deserves to get the treatment that they need. Here at Tweak Hearing, we believe in full accessibility to hearing aid technology for all Americans struggling with hearing loss. This is why we offer a range of high-quality, over-the-counter hearing aids. You can get all the support you need to enjoy life to its fullest without having to drain your bank account. Reach out to our friendly team today to inquire further about our range.