The Food and Drug Administration (FDA) recently issued the approval of over-the-counter (OTC) hearing aids, which will enable Americans with mild to moderate hearing to buy hearing aids without a prescription.

Given that about 38 million Americans experience some degree of hearing loss as of 2018, the momentous ruling will help address hearing loss for a massive group of people in need.

“As only one out of five people who have hearing loss actually wear hearing aids, we are always seeking ways to reach those not currently treating their hearing loss," Michael Halloran, president of Beltone, a leading provider of hearing aids in the U.S., told Yahoo Finance. "Over-the-counter hearing aids will help us to reach those four-out-of-five people so they can start their hearing care journey sooner."

Prior to the ruling, the average price for a new model of hearing aid in 2022 was approximately $3,000, according to the Hearing Tracker, and overall prices ranged between $1,500 to $6,000. Most insurance companies and traditional Medicare do not cover hearing aids, and only a medical examination with an audiologist could lead to the consumer using a hearing aid.

OTC hearing aids will now likely cost $250 to $1,000 per device while consumers could save nearly $2,800, according to the American Association of Retired Persons (AARP).

Recovery from pandemic losses

The U.S. imports most of its hearing aids from Vietnam, China, Mexico, and Poland, according to the U.S. Trade Census.

With the trade restrictions brought on by the coronavirus pandemic, however, monthly imports dropped to a third of the volume, the lowest level in over a decade.