Why Hearing Aids Are About to Get a Lot More Expensive. WARNING: Listening to Aids Are About to Get a LOT Extra EXPENSIVE 😱 Physician Cliff Olson, Audiologist and founding father of Utilized Listening to Options in Phoenix Arizona, explains why Rising inflation of 8.6% goes to maintain growing the price of listening to aids earlier than the tip of 2022.
Why Hearing Aids Are About to Get a Lot More Expensive
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This is why it’s so tragic that the medical insurance in this country excludes our field in the manner it does. This is part of the point of paying for insurance, it should be assuming financial risks as well. I’m genuinely starts to look at leaving the USA before opening a clinic, because I worry about the inhospitably we have to small companies, like local clinics. I’ve been stuck in the “low cost less-to-a-T” type clinics for a while and I’m so happy to help folks that can’t pay more than $1k-$2k for these devices, but it does twinge my heart to know what kinds of things they’re missing out on when they are interested in the tech. At least they aren’t buying Nano.
An audiologist told me the $7000 pair actually costs $1200. So an increase cost of $120 to the clinic will put you out of business? To be transparent show us your actual cost sheet
I am surprised at the business model you suggest. If the inclusive cost to a business of goods increases by X, the business needs to mark that inclusive cost up (including the X) in order to achieve a gain on capitol investment. Shipping, handling, accessories, and the central good price. Then the business also has to consider significant overhead, insurances, taxes, and payroll increases as inflation roars on. Fire feeds fire…
what no way hearing aids will cost more now what why
I got my More hearing aids in Jan thru Kaiser
I feel for you guys, very nice to hear you all initially absorbed the first 3% increase. We have so many things increasing in price and unfortunately, no assistance from any programs.
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Do you believe an audiologist (no other biz risk) should make more or less than $100k?
Just charge the biden voters more
Hearing devices were already massively overpriced and no amount of apologizing for manufacturers about what goes into them is convincing about why something with some code and a couple hundred dollars of components should cost six or seven grand for a pair. There was already an obscene amount of markup on these devices, not unlike the profits in the oil and gas industry. If you’re going to offer a defence – even an implied one – of the industry, let’s see the balance sheets and profit margins on every single manufacturer. The global hearing aid market is pushing 10 billion dollars a year and is on track to nearly double in the next decade. While I appreciate the cost of doing business for people who provide hearing services may increase with inflation, these devices are like diamonds in terms of pricing strategy. Except what makes it unethical to charge thousands of dollars for $200 worth of components is that, unlike diamonds, these aren’t luxury goods. They are necessary medical devices to sustain someone’s quality of life. Frankly, people who deny that consumers aren’t being mislead are little more than apologists for an industry that is doing tremendously – inflation or not.
Hearing aids were over priced before this. Its not ok that people cant get these devices for quality of life or even life and being able to work only if they have these devices. Having hearing aids is not a choice!!!
Everything is going up in price – but this is an unnecessary scare tactic for the hard of hearing individual. Definitely not all clinics, hospitals and private practices will be raising their prices – many of us will have to be creative, savvy and smart in our purchasing and pricing.
It seems to me that 9 1/2 percent increase is outrageous you’re not talking about a lot of materials in theses sounds more like a money grab in my opinion many are over priced as it is they should at least give the highest software level.
are there articles that highlight the 3% and 6.5% estimated increases in the cost of goods for hearing aid manufacturers?
Thank God for the VA
It’s sad that they are doing this. Your insurance is not willing to cover high price hearing aids. Now that I know this I need to go ahead and get mine. 10% for me is not going to help with the price. They need to price it 2 for one set price. The price going up will not help the company or the business. It’s all about money. Not the people who need help to get hearing aids. It’s really sad .
Let’s go Brandon! Not helping hearing impaired!
GREED
Maybe some audiologists will go out of business because of this. I guess they can find jobs teaching blind and profoundly hearing-impaired people like me sign language. I don’t know if that pays as well though.
Guess what, you guys are going to see more people buying and scamming with online hearing aids now. Welcome to the system as it bites us in the butt again.
I am totally blind with a severe, profound hearing loss. I use hearing aids which make a bit of difference for me. They don’t take care of my hearing loss altogether but they help it a great deal. So if they’re going to increase the cost of hearing aids. They better be prepared right now to get me a Coke Euler implant.
thats sucks, its sad govs wont do anything about it, like WHO should warn them to not make it more expensive well idk how it work
Just got my new Oticon More 2 because of you, @Doctor Cliff, AuD!
My phonak audeo battery hearing aids are going through batteries every 24 hours any suggestions
Idi.ts who voted biden should bear the cost, this isn't a worldwide problem, in Australia our inflation has been 3% annual
Unless you have more than moderate hearing loss and have no diseases, or damage as determined by your local doc, then just buy decent ones like Bose and many others that are NOT listed as "amplifiers" and forgo the clinics/audiologists. Make sure they are adjustable with wifi.
Yes they are headed upward too, but cost many less dollars and many times exceed the average ones purchased through clinics.
I'm know doc, but do have long term experience at 72 years and just under the "Severe" level of loss. This is my advice.
Received my Oticon More 1 from the VA. My audiologist told me if I received it outside of the VA, it would have cost approximately $7,000.
Received my Oticon More 1 from the VA. My audiologist told me if I received it outside of the VA, it would have cost approximately $7,000.
As if hearing aid makers don’t already have a bad reputation! I guess those of us on fixed income will have to settle for the cheapest models and maybe the cheapest audiologists. ☹️
I'm so thankful that the VA had my back and hooked me up with my Phonaks. I love the Bluetooth feature as well.
Hearing aides are a necessity. Not a luxury. If it’s considered a “luxury”, then the industry doesn’t care about the needs of those who are impacted by their being hearing loss or being hearing impaired. Money is the culprit for its to be so expensive. Health insurance should be able to cover the costs. If they can cover major surgeries, that pennies compared to paying for surgeries which be up five to six figure. I don’t get it.
Thinking of going to Lyric hearing aids. I don’t expect my AuD to absorb the increases. She has to eat too pass it on
Agreed, same with my Oticon Nera 2. Good thing batteries seem to be abundant on my FB free group.
Glad I got my Oticon More 2 a month ago! My insurance covered about half the price. Still very expensive!
Honestly I think it should be the other way around I thing hearing aids should be way cheaper then they are they don't realize they'd make triple their profits of hearing aids were affordable!
While I "Liked" your video, I don't like that this is happening. Heck, I was looking for filters for my furnace this morning. They've almost doubled the cost. Ack!
The manufactures are already screwing us over especially on after warranty repairs so why not jump on the inflation bandwagon to grab another 10%. Todays hearing aids are technological wonders that are over priced to begin with and engineered to fail if you sweat get in the shower by accident or get caught in a light rain. Then they want $1400 minimum for any repair. This is the most disgusting money grubbing industry I have ever been involved with. No offence to you Dr Cliff you are defiantly a straight shooter but your suppliers have no soul.
Your videos are great! I’m waiting for the Phonak Slims.. Now I’m nervous about it.. I have trials now with the P90..should I just go ahead and commit to these? When do YOU think the slims will come out and do you think they’ll be a lot more expensive? Thanks..I trust your opinion!
Who is J Bieber? JK. Thanks for the heads up on pricing. Love my KS10's. This on top of the many "scam" gouge clinics will again put this needed technology more out of reach for many. I am sad for folks who would benefit so much and not be able to access. A recent study showed likely link between hearing & vision loss with early dementia. Think about it, makes sense, being cut off from the "world" your mind shuts down. Hopefully enough of these woke green progressives with no clue how business works get thrown out at the mid terms to get our country back on an even keel. Adults need to be back in charge. Go Brandon. 🙂
I've had mine for three weeks now and my insurance gave a huge discount on my phonak audeo life aids. I got them at a good cost with great after care. My audiologist took the time to make sure I'm hearing as I should, I feel I got the best practices for sure.
Dr. Cliff, I noticed something interesting at the time of this announcement. The fake hearing aid companies have boosted their advertising through the roof. They know that this increase will price even more people out of your market. Hoping the public doesn't know the difference, they offer "REAL hearing aids for only $200." People will suffer with sub-par hearing and never know the difference. Thanks for the information.
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So, I cannot afford them now, nor will any insurance company help cover them for me.. I was told by my former ins company to go see a certain hearing aid company. I did and after the 30 days tryout, the insurance company told me they would not not help because I lived in a state (NH) the insurance did not operate from. My current insurance company (BC/BS) says they only cover up to 9 years of age..
Yes, what has happened to cause this inflation is the DILUTION OF THE DOLLAR. All the “helicopter money” dropped from above (our government, amongst others) has diluted the dollar, lowering the value of each dollar we spend. Econ. 101. BTW: I’ve had my new Phonak VIRTO P-90 312 hearing aids for a month now. My previous aids, were Phonak Paradise RIC’s, so the technology level was the same, but the CUSTOM EAR MOLDS made ALL THE DIFFERENCE IN THE WORLD! I’m LOVING these!
Just got back from church ⛪️ and listened to your vlog. I've got to tell your dad (he's watering our flowers on our deck) about your shout out. He's going to be SO excited‼️ 🥳😁🤩💕
If they impose a 6.5% increase to the 3% higher price since January, the compound increase amounts to 9.695%. Thanks for correcting my mistake, Todd Osborn.