In August 2022, the FDA finalized a rule that will allow adults with mild to moderate hearing loss to purchase hearing aids over-the-counter as soon as mid-October 2022. Experts project that OTC hearing aids could save consumers up to $2,800 for a pair of hearing aids, compared with what they’d pay for current prescription hearing aids.
OTC hearing aids may be convenient, but they may not be for everyone. Because they can be purchased without evaluation by an audiologist, it is possible that someone could buy the wrong kind for the type of hearing loss they have. Unless they pay out of pocket, they will not have the benefit of a fitting by audiologist which could make the hearing aids more comfortable. It is also important to keep in mind that not all OTC hearing aids will be returnable. Buyers should only choose a hearing aid that can be returned, if necessary.
And Medicare still won’t cover the cost. So even though OTC hearing aids will be cheaper than prescription hearing aids, it will still be an out-of-pocket expense. For Medicare beneficiaries who still have money remaining in a health savings account (HSA), the OTC hearing aids should be an HSA-eligible expense, just like current prescription hearing aids.