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As we age, our bodies undergo several changes, one of which is often a decline in hearing ability. According to the National Institute on Deafness and Other Communication Disorders (NIDCD), approximately 36 million American adults report some degree of hearing loss. This number increases with age, with 40% of individuals aged 75 and older experiencing compromised hearing. Despite these staggering numbers, only 20% of people who could benefit from a hearing aid currently use one. 

While many people know about the social costs of hearing loss, fewer are aware that it could end up hurting their bank balance. That’s what we’re going to explore further in this post.

Hearing Loss Could Be Costing You Money

Hearing loss is not just a health issue; it's an economic one too. It can significantly impact an individual's quality of life and earning potential. The Better Hearing Institute reports that untreated hearing loss can decrease an individual's income by as much as $30,000 per year. This is because employees who have difficulty hearing supervisors, instructions, and customers are unlikely to perform as well as their coworkers with normal hearing. Misunderstandings due to hearing impairment can lead to mistakes, increased job stress, and ultimately, a decrease in income.

When we consider the problem on a societal level, the impact becomes even more apparent. The Better Hearing Institute estimated a loss in income of approximately $176 billion for people with hearing impairment who are unemployed or underemployed. This corresponds with a loss of $26 billion in potential federal taxes.

However, there's good news - the financial impact of hearing loss could actually be mitigated with the use of hearing aids. 

Could Hearing Treatment Be Better for Your Wallet in the Long Run?

Hearing aids may seem like a substantial upfront cost, but over time, they can potentially save you money in a few ways:

Do Better at Work: When your hearing is not great, you might miss out on important details at work. This could lead to slip-ups, or even cost you your job. A good set of hearing aids can keep you on top of your game, helping you earn more and keep that paycheck coming in steadily.

Stay Healthier: When you can't hear well, you're more likely to have accidents. You might trip and fall, or have other health problems. If your hearing is good, you're likely to stay healthier and spend less on doctor's visits and medicines.

Keep Your Brain Sharp: Some people think that hearing loss can make your memory worse, and maybe even lead to things like dementia. While the experts are still figuring that out, it seems like hearing aids could keep your mind and memory in better shape. And that's definitely worth a lot!

Go Places on Your Own: If you can't hear well, you might not feel safe driving or catching a bus. So you might end up spending more on taxis or getting others to drive you around. With hearing aids, you could cut back on those costs.

Skip Buying Extra Gadgets: When you get your hearing sorted, you might not need other expensive things that help you hear better, like special phones or alarm systems.

The Better Hearing Institute also found a reduction in the risk of income loss of 90 to 100% for patients with mild hearing loss, and 65 to 77% for those with moderate to severe hearing loss, if hearing aids are worn. Despite these potential financial benefits, only 40% of Americans with moderate to severe hearing loss wear hearing aids, and only 9% of those with mild hearing loss do so.

Come and See Us Today!

At Hearing & Balance Solutions in Charlotte, we understand that addressing hearing loss is not just about improving your quality of life; it's also about safeguarding your earning potential. We understand that untreated hearing loss can lead to job performance issues, stress, and a decrease in income. That's why we're all-in on providing comprehensive hearing solutions to our patients.

Our Audiologist, Goutham Gosu, is dedicated to helping you find the right hearing aid that fits your lifestyle and budget. We offer a wide range of hearing aids from leading manufacturers, ensuring that you receive the best possible hearing solution.

We also provide ongoing support and care to ensure that your hearing aids continue to work optimally. We know that adjusting to hearing aids can take time, and we're here to guide you through every step of the process. Our goal is to help you not only hear better but also live better.

If you or a loved one is experiencing hearing loss, don't wait. Contact us at Hearing & Balance Solutions in Charlotte today and take the first step towards better hearing and a better life.