In our data-driven society, it?s becoming easier and easier to gather statistics about any topic, and hearing loss is no exception. Would it surprise you to learn that age-related hearing loss is on the rise? Probably not, given our awareness of the ?baby boomer? generation rapidly reaching the 65+ age, but what about the individual financial impact of hearing loss?
Financial Implications
According to the World Health Organization, unaddressed hearing loss poses an annual global cost of US$ 750 billion, which is a huge amount of money and can be tough to put into context. On an individual scale, how does that translate? Depending on when hearing loss occurs and the severity of it, it can be around $43k for an older person experiencing hearing loss. According to a study by the Better Hearing Institute, individuals with profound hearing loss often earn $12k less annually than someone with mild hearing loss.
Aside from lost productivity costs incurred by companies, an individual with hearing loss may feel isolated at work and be bypassed for promotions due to miscommunication issues. Lost opportunities could affect morale and productivity, producing a vicious cycle that endures throughout a person?s career.
The Good News
Despite the grim statistics about untreated hearing loss, the good news is, we live in an era where technology and public awareness have improved our options for treatment. While it used to take 5-7 years for someone to seek assistance, it now takes only 3-5 years. Since seeking assistance can improve job performance and have a direct financial impact, early diagnosis and treatment should be a priority for anyone experiencing hearing loss.
We are here to help in any way we can. Contact us today and hear better tomorrow!
