3 Reasons Why Hearing Aids Are So Expensive [CC]

In this video, I share three big reasons why hearing aids are so expensive.

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00:00 Intro
00:40 Population with hearing loss
01:00 Reason 1: Research & Development
02:07 Reason 2: ???
02:45 The Big 7
02:50 Reason 3: Durability
03:27 Sales Tactics

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Camera: Huawei P30

ABOUT THE CHANNEL
A Deaf & Hard of Hearing millennial who wears ear prosthetics and a bone anchored hearing aid, navigating the world one audible at a time. I create inspiring, fun and educational videos to get you through the good times and the bad.


Audio Transcript
The price of an average behind-the-ear hearing aid has more than doubled since 1997. What has changed, and why are hearing aid prices not decreasing, especially when electronics like TV, computers or even cellphones have gotten cheaper? I'll tell you all about it in this video.

Hello, my name is Yat. I'm Deaf without hearing aids, Hard of Hearing with hearing aids. I was born with microtia, where I don't have outer ears. I wear ear prosthetics and have profound bilateral hearing loss. I wear a bone-anchored hearing aid. Be sure to like and subscribe to this channel to follow along with my hard-of-hearing journey.

Over 5% of the world's population, or 430 million people, currently require rehabilitation to address their hearing loss. That's more than everyone that lives in the US AND Canada combined. So why are hearing aids so expensive when so many people need them?

Reason 1: R&D. Research and Development.
Manufacturers spend substantial R&D resources making your hearing aids smaller, more powerful and packed with additional features like Bluetooth, wireless integration, remote controls and other things like channels.

But does everyone use all the features? Do you actually maximize every other function available on your hearing aid? Well, let's think of it this way.

If you need to go from A and B, a nice car like a BMW will offer a bit more comfort with fancy bells and whistles on the dashboard. But a Honda Civic, which I used to own, also gets you from A to B safely and comfortably. But when it comes to hearing aids, you don't get to choose a Honda. The only option is to buy the BMW. The cost of entry for a hearing aid is well higher than other electronics.

Reason 2: Industry monopoly
Even though the semiconductor industry traditionally reduces the cost of products by 10-15% a year, hearing aid prices increase 8% annually. I mean, microphones and processing chips aren't that expensive. A high quality hearing aid costs at least $300 to make but can cost you upwards of $3-4,000 to purchase one! The hearing aid industry is not big and is dominated by seven hearing aid manufacturers: Widex, Signia, Oticon, Resound, Starkey, Phonak and Cochlear.

Reason 3: Hearing aids are getting smaller
Hearing aids are worn daily. It takes in all the elements of the earth like dust, moisture and even the occasional bumps from being hit around the ear. Hearing aids have extended durability, and most hearing aids last 5-6 years of daily use. That's a long time! Manufacturers recognize this and capitalize on it by knowing it can mark up prices because they can do so. Some clinics will go as far as using creative sales tactics to influence you to purchase. You may have heard these before: The hearing aid costs $7,000, but it has an 8-year life span. That's only $875 a year and only $2.39 a day to hear your grandkids! Is it affordable? If you can afford it, hey, you go for it. But no one wants to break the bank for anything, so make sure to shop around for the best price, especially if you feel pressure from an audiologist or a hearing clinic.

In the comments section below, let me know if you think hearing aid should be cheaper and more affordable to the average person living in North America. Be sure to like and subscribe to Let There Be Ears. Until next time, goodbye!