While most people think of Canada as a place to get cheap healthcare and cheap medical supplies, there are some medical items that are much more expensive in Canada than they are in other parts of the world. For example—hearing aids Toronto—with some models running close to $4000 Canadian dollars. But why is it so much more expensive and are there other options for people in Canada who want to get a new hearing aid but not pay so much?
In the past, the price was explained by expensive components that were converted over to digital and were making up the majority of the price. However, these are now rather easy to make and the price has come down on them at an extremely quick rate. Most of them are manufactured in China as well, making the labor cost that goes into them quite cheap.
Another previous expense was paying off the research and development that went into the software running the hearing aid. However, that has been paid down for a number of years and the programs have become standard. So again, this is not the explanation for the price being so high.
Therefore, it is the relationship between companies that produce the hearing aids, and companies that market them to the patients that is driving up the price. Each step of the way, someone wants to make a profit, and each step of the way that raises the cost exponentially. This is particularly true for many of the top brands.
There are still improvements being done on hearing aids, even if they are minor. This means there are still development teams that need to be paid along every step of the way. However, the improvements that are being made are not all that impressive anymore, leading people to hope that the price will drop soon, something that is great news for anyone who has found themselves in need of a new hearing aid.
The price is also kept high due to factors such as product liability insurance, which manufacturers pay to indemnify themselves against product liability suits, and this is an expense that, unfortunately, continues to remain high. However, the overall price of hearing devices has stabilized more recently, and may even begin to go down, as the costs for parts and labor goes down as well.
In the meantime, there are a number of insurance plans in Canada, under their universal healthcare system, that are available to those who need help. These can help reduce the price of the hearing aids drastically and can help those who need them get the help they deserve. Talking to your prescribing doctor about your options might be the best way to determine what your options are to reduce the cost you pay for your hearing aid.
Overall, the price of hearing aids in Canada is made up of a number of extremely complicated variables. As the price for these variables goes down so will the price of the hearing aids to consumers. This is aided by a number of insurance and company-based programs that help reduce the price for consumers in the current marketplace.