Hearing aids help many people with tinnitus. Noted in various research studies and in a long thread on TT, many people try hearing aids specifically to help reduce their tinnitus—and for most the technology does help. But hearing aids are very expensive. People in the US commonly spend between $4,000 to $6,000 for a set of hearing aids—which are typically not covered by insurance. Although research and development have increased the costs of hearing aids, these are not the main price drivers. First, the industry is small, dominated by a few big players. With little competition, prices are uniform and inelastic. According to sources cited by
Bloomberg Businessweek, hearing aid manufacturers typically make $425 in profit for a hearing aid sold for $1,000. Second, audiologists—while highly trained professionals—utilize a lucrative business model by bundling insurance and services into hearing aid prices. Mark ups of two hundred percent are common. As such, a hearing aid that costs an audiologist $1,000 will be sold for $3,000. That number is doubled for two hearing aids; there is no discount for the second one.
Enter some new players determined to bring equality into the marketplace. In the past few years, two companies—Audicus and Embrace Hearing—have entered the over-the-counter hearing aid marketplace, offering quality hearing aids at affordable prices. These companies do require you to submit an audiogram, which is then used to program your hearing aids. Reviewed by major media and Internet sources—such as
The New York Times,
Bloomberg Businessweek, TechCrunch, FastCompany and
NPR—Audicus and Embrace Hearing are disruptors in an industry led by six major players—who manufacture approximately 95% of all hearing aids. Each company offers three hearing aids—the most expensive being nearly $1,000 per aid, but includes Bluetooth and other high end features typical of hearing aids costing three times that amount. Embrace Hearing's
Luna, costing $949 per aid, even offers extended range frequency up to 12 kHz. This may be important for people with tinnitus whose hearing loss extends beyond 8 kHz, the typical hearing aid limit. Unfortunately, neither Embrace Hearing nor Audicus includes hearing aids with white noise, chimes, or other sound features. It would be useful discover why the omission.
In the US, Costco now offers hearing aids. The wholesale discounter has Hearing Aid Centers in their stores, which offer free hearing tests. Costco's prices are affordable, though not as inexpensive as Embrace's or Audicus'.
A fourth company wants to bring hearing instruments to people through their smart phones. That company is Sound World Solutions. The hearing device, which looks like a small BTE hearing aid, works with Android phones. Not a hearing aid, the device is a personal sound amplifier, probably suited to someone with minor hearing loss. The founder, David Green, says his dream is to bring this technology to the developing world. Priced at $299 and not requiring a hearing test, the device has gotten solid reviews and was featured twice on
NPR's blog.
These companies are true disrupters in the hearing aid industry. And they offer proof that capitalism—despite its many flaws—can still work to bring great products to market. The tinnitus industry needs disruptors such as these companies and entrepreneurs, who will bring more devices to consumers. Curing tinnitus may be ten or more years away, but alleviating its symptoms is within reach. For those with high frequency hearing loss, getting a hearing aid might be a start to living tinnitus free.
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