By TechThop Team
Posted on: 17 Aug, 2022
The price of hearing aids will be lowered to under $500 by going over-the-counter for the first time, officials announced Tuesday, to ease the burden on tens of millions of Americans.
The United States health secretary Xavier Becerra announced in a press briefing that for many people suffering from hearing loss, there is a lack of affordable, high-quality hearing aids that are safe and effective.
As a result, a hearing aid could cost as little as $2,800 less per pair by removing the need to see a doctor or audiologist, according to national economic advisor Brian Deese.
As a consequence of this, Mr. Carney said, there is what economists refer to as a 'barrier to entry' - a regulation that prevents more companies from entering the market.
The average cost of hearing aids in the United States is around $5,000 per pair. Despite health insurance covering a small portion of the cost, it still stands in contrast to other advanced countries such as Britain, where the devices are free.
A prescription is still required for children and people with severe hearing loss. Unlike adults, young children may experience hearing loss for a variety of reasons, including noise exposure and aging.
The US president, who called for the move in an executive order last year, said in a statement that the rule 'ensures lower costs for American families and gives them more options for improving their health and wellbeing.'
As per the FDA, approximately 30 million Americans aged 12 and older have hearing loss in both ears according to standard hearing examinations based on routine hearing evaluations, and approximately one in eight have hearing loss in one ear.
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