Question
How much does the price of hearing aids actually matter to patients?
Answer
The average age of a new hearing aid user ranges between 66 and 70 years. Many consumers are already retired or near retirement. This means that these consumers experience changes in their income. According to data from the US Census Bureau summarized by Kochkin (2005), individuals who are 65-74 years experience a reduction of income by about 45% from the median income for people 45 to 54 years of age. This decrease in income, combined with longer life expectancies, is a strong predictor that older consumers will be more sensitive to changes in price.
Subjective comments from actual hearing aid users offer another helpful perspective. In 1999, The National Council on Aging (NCOA) solicited hearing aid consumers and determined that 55% of respondents desired lower prices. Six years later, MarkeTrak VI survey data showed that of those people surveyed, 85% desired lower hearing aid prices. However, when compared to a list of desired hearing aid improvements, lower prices fell fourth on the list of most importance. This subjective data indicates that, while price is important to consumers, other variables such as the quality of sound, may take precedence over price.
Amyn M. Amlani, Ph.D., is an Assistant Professor on the faculty of the Department of Speech and Hearing Sciences, University of North Texas. His research interests include hearing aid fitting and selection procedures, auditory perception in real-world environments, cognitive effects on hearing aid use and benefit, and economic and marketing trends within the hearing aid industry.