Hearing Insurance & Future Trends

As more health plans and groups add hearing benefits to their coverage, the greater the awareness of hearing care and hearing aids becomes among their members. With greater awareness, comes more potential for you and your business.

Medicare Advantage (Part C) plans are an alternative to original Medicare and are offered by private, Medicare approved companies. These plans often include bundled services such as hospital insurance (Part A), medical insurance (Part B), and prescription drug coverage (Part D). In addition, many Medicare Advantage plans also include additional coverage for health needs such as hearing, vision, and dental. 

Medicare Advantage plans are adding hearing coverage at an exponential rate. Why’s that? 

Key reasons for Medicare Advantage market growth:

1. As the Baby Boomer generation continues to reach age 65, the number of Medicare eligible individuals is increasing. Of those 65+ now eligible for Medicare, 30-50% of them are at risk of hearing issues. [2] This in combination with the number of Comorbidities (add link) associated with hearing loss has captured the attention of many Medicare Advantage plans, and they are realizing that the need hearing care is high.
   
   
2. Consumers expect their health plan to meet the needs of all aspects of their health, hearing being a critical component as we age. Consumers also know that hearing aids are expensive, and the higher amount of coverage they have, the more likely they are to treat their hearing loss with hearing aids. As the demand for hearing coverage increases, Medicare Advantage plans are racing to meet the needs of their members. 

With the rate of hearing benefits increasing, getting access to patients with a hearing benefit is more critical than ever. But between formularies and billing and claims, hearing insurance can be complicated. That's why it's important to work with a network, like Amplifon, that will help you navigate the complexities and ensure you're able to spend more time with your patients and less time on administrative work.