Hearing Aids

Under the new Biden administration regulations, the majority of retailers in the U.S. will begin offering low-cost hearing aids without a prescription or a medical test. The regulations have come into effect since Monday.

In August, the FDA gave the green light to the sale of over-the-counter hearing aids. This allowed millions of Americans to purchase these items without needing to consult with audiologists, potentially saving them hundreds of thousands of dollars.

According to the FDA, this new model will potentially cut the price of new, prescription-free hearing aids by as much as $3,000. 

Talking about future costs, the FDA stated: “Currently, states regulate the personnel who may distribute hearing aids. We have no reason to suppose states will impose more onerous restrictions on hearing aids that will be prescription medical devices as a result of this final rule than are currently imposed on the distribution of hearing aids. However, it is possible that changes in state regulation of prescription hearing aids as well as potentially increased variation in state regulation of prescription hearing aids may increase the cost of hearing aids that convert to prescription medical devices.” 

Currently, manufacturers and retailers have kept their cards close to their chests regarding new products, prices and distribution plans. But still, some details have come to the fore.

By late October, Best Buy plans to open hearing centers in over 300 stores. With the assistance of sales staff who have undergone specialized training, customers will be able to use an online hearing assessment app and choose from nine OTC brands. The company said the prices would fall anywhere between $200 and $3,000.

Moreover, Sony has also revealed a partnership with WS Audiology Denmark, while Lexie Hearing will collaborate with Bose Corporation to introduce a new OTC aid for somewhere around $900.

Dr. Frank Lin, M.D., Professor of Otolaryngology and Mental Health, said the prices will probably fall with time, as is the case with all consumer electronics. The Consumer Electronics Show in Las Vegas, scheduled to take place in January, is very likely to see the introduction of new products from companies.

The market for these hearing aids is vast. They are designed to address mild to moderate hearing loss issues, which impact about 25% of people in their 60s, 50% of those in their 70s and over three-quarters of those who have crossed the 80-mark.

These individuals may have trouble understanding conversations while in groups, when they are speaking on the phone or whenever there’s any background noise. As a result, they may have to ask others to repeat what they said or talk louder.

Hearing loss, if left untreated, can increase the risk of depression and social isolation, as well as contribute to falls. Although some Medicare Advantage plans do cover hearing expenses, this coverage is not very reliable since beneficiaries still have to cover nearly 80% of their own expenses.

Some hearing devices will need smartphones and Bluetooth technology to personalize their functions, while others will be much simpler. But however one sees it, the eventual entry of lower-cost hearing aids is amazing news for millions of people with hearing issues.

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