These devices will be available online, at pharmacies and in retail stores.
Hearing aid devices can cost anywhere from $900 to $4,000per ear.
Many health insurance providers includingtraditional Medicare dont cover the devices or hearing tests.
The new rule also cuts the red tape plaguing many consumers.
Hearing aids are currently only available with a prescription from an audiologist or a hearing health specialist.
Multiple appointments are usually required, from consultations to fitting adjustments.
So how are over-the-counter hearing aids different?
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
Heres what you should probably know.
How Much Will Over-the-Counter Hearing Aids Cost?
TheWhite Housesaid it anticipates OTC devices will save Americans as much as $3,000 per pair.
Walgreensannounced plansrecently to start carrying Lexie Lumen hearing aids in stores nationwide after Oct. 17 for $799.
Competition from manufacturers is expected to drive prices down on OTC hearing aids.
But by how much or how quickly is still anyones guess.
Will OTC Hearing Aids Be HSA and FSA Eligible?
The new category of over-the-counter hearing aids is also expected to qualify.
An FSA offers similar tax-saving benefits but with different contribution limits and other rules.
Are Over-the-Counter Hearing Aids Right For You?
OTC hearing aids are intended for people 18 or older with mild to moderate hearing loss.
Theyre not meant for everyone or every situation, kind of like drugstore reading glasses.
It also includes questions to ask yourself when shopping around for a new unit.
How Do You Buy OTC Hearing Aids?
Over-the-counter hearing aids will be advertised and sold in pharmacies, big-box stores, online and through the mail.
You wont need a prescription from a hearing specialist to buy them.
Youll probably use a smartphone or computer to install and customize your hearing devices as well.
Additional manufacturers and devices will also emerge over the next few years.
More consumer guidance on how to buy and use OTC hearing aids is expected in the coming weeks.
Under the current system, audiologists usually buy hearing aids wholesale from manufacturers and then set their own prices.
Five manufacturers control about 90% of the hearing aid market, according to a Senateinvestigative reportreleased in June.
Many policy makers say this lack of competition among prescription devices contributes to higher retail prices.
The actual devices usually account for just a fraction of the total cost.
Hearing aids are typically bundled with multiple services, including a hearing exam, fittings, programming and repairs.
Approval for OTC hearing aids has been years in the making.
Little progress was made after that.
Wait, Havent OTC Hearing Aids Been Around For a While?
Devices known as personal sound amplification products, or PSAPs, have been on the market for years.
The same goes for TV amplifiers, hearing assistive devices and hearing protection devices.
The quality of these consumer electronics also varies widely.
The FDA said it is clamping down on this deceptive advertising.
Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
