OTC Hearing Aid Firm Eargo Hears From US DOJ About Insurance Reimbursement Claims
Directly billing insurers for OTC hearing aids may have triggered federal concern, a financial analysis firm says.
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Wells Fargo analyst expects that Eargo’s newly launched hearing aid, Eargo 5, will transform and disrupt the $30bn-plus addressable hearing aid market.
One of 72 items in an executive order by the president on promoting competition in the economy notes that 14% of the around 48m US consumers with hearing loss use hearing aids because, on average, they cost more than $5,000 per pair, costs often not covered by health insurance.
The Biden administration wants to make hearing aids less expensive and more readily available – and seeks the same for internet service and prescription drugs.