Hearing loss is a widespread condition that has deep economic implications. A 2010 survey to 80,000 households, conducted by the Better Hearing Institute, determined that untreated hearing loss results in a loss of income of up to $30,000 a year per household. With 24 million Americans experiencing untreated hearing loss, this adds up to $176 billion in lost income and costs society $26 billion annually. The problem is especially prevalent among seniors, and leads to additional Medicare costs due to the side effects of untreated hearing loss, which include depression, social isolation, loss of independence and a decrease in quality of life.
The Hearing Aid Assistance Tax Credit Act (S. 315) would provide a tax credit of up to $500 per hearing aid every five years, helping defray the costs of hearing aids and providing much-needed assistance to seniors and others in lower income brackets. We encourage you to contact your representative and urge them to pass this important bill. A link can be found at hearingaidtaxcredit.org.