Hearing Aid Tax Credit Gets Another Look

The Hearing Review reported earlier this week that Senators Tom Harkin and Dean Heller have reintroduced the Hearing Aid Tax Credit Bill. The bill is nearly identical to a House version of this legislation introduced in the House last February by Representatives Tom Lantham and Carolyn McCarthy.

If passed, it would provide a non-refundable $500 tax credit for the purchase of a hearing aid, or $1,000 if two are needed, once every five years.

Parents of a deaf or hard of hearing dependent child and individuals over age 55 would be eligible for the tax credit. The house version of the bill includes a provision that would  not allow individuals whose income exceeds $200,000 to be eligible for the tax credit.

Why a tax credit? A study titled "The Impact of Untreated Hearing Loss on Household Income"  revealed that untreated hearing loss results in a loss of income per household of up to $12,000 per year, depending on degree of hearing loss. For the 24 million Americans with untreated hearing loss, this equates to $122 billion in lost income, due to underperformance on the job.

With a reported 68% of those with hearing loss citing financial constraints as a core reason they do not purchase hearing aids, a tax credit could provide hesitant consumers extra financial incentive to buy.

As a consumer, would an extra $500 or $1,000 entice you to buy hearing aids?

As a hearing professional, do you think the tax credit will help your business?

By Starkey Hearing