If your ability to hear is failing, a hearing aid is an essential piece of equipment. However, hearing aids are far from cheap, and the price continues to increase over time.
Historical Hearing Aid Prices
According to the Hearing Review, the first hearing aids became available to the public in the early 1900s. These first hearing aids ranged in price from around $62 to $159. Today, however, prices have increased significantly.
Current Prices
The AARP reports that mid-level hearing aids currently cost approximately $4,500 per pair. Low-end hearing aids may cost as little as a few hundred dollars when purchased from discount retailers, while high-end hearing aids may cost up to $7,000 or even more. Prices vary according to the region, retailer and other factors, but hearing aids are always a sizeable investment.
Looking Forward
In the future, the prices of hearing aids may increase for several different reasons:
- New technology.As new, more advanced technology for hearing aids is developed, the best equipment may become more expensive.
- The cost of research. In order to fund their research, many hearing aid companies add a premium to their products. As companies perform more research, the price of products currently on the market may increase.
- Inflation. Over time, the general price of all goods and services gradually increases. This is known as “inflation,” and it will likely cause the price of hearing aids to increase even more. Inflation rates typically range from 2 to 3 percent per year in the United States.
Planning for the Future
History has taught us that the price of hearing aids is only going up. In fact, the effects of inflation alone may raise the price of hearing aids by up to 15 percent or more over the next five years.
If you are planning to invest in your first hearing aid in the near future, or if you are interested in purchasing upgraded equipment, now is the time to buy. The longer you wait, the more expensive your hearing aids will be. Act quickly to minimize your costs as much as possible. For more information, look up our hearing aid prices.