We tell people all the time that when they treat their hearing loss, they are taking steps to improve their relationships, conversations with loved ones, and their general social well-being. In the last few years, research has also shown that treating hearing loss has health benefits as well including decreasing the risk of cognitive decline and dementia, decreasing the risk of Parkinson’s Disease, decreasing the risk of falls, and decreasing your experience of tinnitus. Less obvious are the financial benefits of treating hearing loss, both for individuals and for society in general. Some of these benefits include increased earning potential, reduced healthcare costs, and over-all societal economic benefits.
Increased Earning Potential
When you can’t hear well, it can make it hard to function in today’s service economy. Communication is key in many jobs and if you can’t hear or understand what others are saying, you may struggle to perform many tasks or to advance in your career. Research indicates that people with untreated hearing loss may earn up to $30,000 less per year than those without it. The good news is that using hearing aids can mitigate this financial damage. In fact, hearing aids users have lower unemployment rates and higher earning potential than those with hearing loss who don’t wear hearing aids.
Reduced Healthcare Costs
There are many studies linking hearing loss with cognitive decline, depression, and increased risk of falls, Parkinson’s Disease, tinnitus, and other health issues. A recent study showed that people with untreated hearing loss paid 46% more in healthcare costs over 10 years than their normal hearing (or hearing aid using) counterparts. Treating hearing loss potentially lowers these costs, which can save tens of thousands of dollars in the long run.
Untreated hearing loss is associated with various health issues, including cognitive decline, depression, and increased risk of falls, leading to higher healthcare expenses. A study from Johns Hopkins Bloomberg School of Public Health found that individuals with untreated hearing loss incurred 46% more in healthcare costs over a decade compared to those without hearing loss. By treating hearing loss, individuals can potentially reduce these additional healthcare expenditures.
Societal Economic Benefits
On a broader scale, untreated hearing loss results in substantial economic costs due to lower quality of life and decreased productivity. In Europe, untreated disabling hearing loss costs approximately €185 billion annually. Extrapolating this data to the United States suggests that untreated hearing loss could cost around $133 billion each year. Treating hearing loss can alleviate these economic burdens by enhancing individual productivity and reducing societal healthcare costs.
As data from the National Institutes of Health shows, the average age at which people experience hearing loss is decreasing, more and more people will experience hearing loss while still in the workplace. Preventing and treating hearing loss need to be priorities for maintaining earning power and decreasing healthcare costs down the line. Call today to see if you qualify for a complimentary hearing consultation (385) 600-5697.