Why do prescription hearing aids cost so much?
Cost remains one of the most significant barriers to purchasing hearing aids and improving hearing. Nationwide, the average price for prescription-grade, digitally adjustable hearing aids is $4,000 per pair. In our region, technology pricing ranges from $3,000 to $12,000 per pair, depending on the level of sophistication. Since this is an educational article and not a sales presentation, I won’t list my specific prices here.
When I first opened Hear the Birds fourteen years ago, my prices were consistently half the average retail cost for hearing aids. Although wholesale costs have risen for everyone, and I can no longer make that claim, my prices remain lower than the average.
Prices are high nationwide due to the structure of the market and manufacturing. Worldwide, there are now only six hearing aid manufacturers. These six companies produce products under forty different brand names and control over ninety percent of hearing aid sales worldwide. That is a marketplace of seven billion dollars a year, globally.
The manufacturer dictates the wholesale cost to the clinic owners, who then set a retail price for the patient. The clinic owner sets prices based on the profit margin they deem necessary to remain open and succeed as a business.
In any business, it is vital to keep operating overhead costs as low as possible to ensure profitability. When clinics expand too quickly by adding multiple professional employees and locations, it drives the price-profit equation higher than it might be in other settings.
I recently spoke with a former employer who owns fourteen store locations and employs forty people. During our conversation, he said that he wished he could return to the model of being a one-man operation in only two hundred square feet of rented office space.
As a consumer shopping for hearing aids, there are several practical steps you can take to find the best price for your needs.
First, call the 800 number on the back of your insurance card to check if you have any hearing aid benefits. This is especially important at this time of year, as many insurers have notified members that their benefits will be reduced in 2025.
If you have benefits, now is the time to contact a professional. It’s wise to call around and inquire about the prices for testing, products and follow-up services ahead of time. Many clinics also offer 18- to 24-month interest-free financing options.
If financing would help your budget, be sure to ask about available options. If you have a lower income and are still working, it’s a good idea to check with your local office of the Pennsylvania Vocational Rehabilitation Department.
If you qualify, they could pay all, or part, of the cost of your hearing aid. Their Williamsport office is at The Grit Building, Suite 102 at 208 W. 3rd Street, Williamsport, PA 17701. You can reach them at 570-327-3600.
Another option is the Pennsylvania Assistive Technology Foundation at 1004 West 9th Avenue, King of Prussia, PA 19406. The foundation considers grant and loan applications for low income residents who need computers and any technology including hearing aids. Their number is 484-674-0506.
In conclusion, take the time to research clinic options and prices in your region. If you need hearing aids and decide to get them, you will never regret the investment in improving your life.
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Jeffrey L. Bayliff, owner of Hear the Birds Hearing Aid Centers in Lock Haven and State College.