SelectQuote, Inc (NYSE: SLQT) announced a strategic partnership with a hearing benefits provider to offer hearing healthcare and hearing aid options at affordable prices. The SelectHearing program will be offered through Population Health, whose members will have access to hearing education, products, and dedicated hearing consultants, according to the announcement.
Through its engagement platform, Population Health is positioned to help address the undiagnosed and untreated hearing problem within healthcare.
“We feel this partnership will provide consumers access to high-quality hearing aid technology and is well aligned to support a recent announcement by the FDA of its initiative to improve hearing aid access to millions of Americans,” said Phil Williamson, vice president of business development, SelectQuote. “We are committed to improving the overall health and wellness of our members and families through lower cost healthcare options and improvements in health literacy.”
In a recent study1 led by researchers at Johns Hopkins School of Public Health, older adults with untreated hearing loss incurred substantially higher total healthcare costs compared to those without hearing loss. Those with untreated hearing loss incurred increased costs of $22,434 per person over a decade, an average of 46% higher than those without hearing loss.
People with untreated hearing loss often withdraw from social opportunities, which can lead to isolation, loneliness, and depression.
“Population Health’s risk assessment findings illustrate that 21% of members indicate hearing limitations that impact their quality of life,” said Heidy Robertson-Cooper, vice president of healthcare strategy, SelectQuote. “Members share their hearing concerns with us on a daily basis, and we’re excited to now have cost-effective hearing aid options to support their needs.”
Founded in 1985, SelectQuote (NYSE: SLQT) helps “provide solutions that help consumers protect their most valuable assets: their families, health, and property.” Two foundational pillars reportedly underpin the company’s success: a strong force of highly-trained and skilled agents who provide a consultative needs analysis for every consumer, and proprietary technology that sources and routes high-quality leads. SelectQuote has three core business lines: SelectQuote Senior, SelectQuote Life, and SelectQuote Auto and Home. SelectQuote Senior serves the needs of a demographic that sees 10,000 people turn 65 each day with a range of Medicare Advantage and Medicare Supplement plans. In 2021, SelectQuote expanded its business with the addition of Population Health, a healthcare services company, and SelectRx, a specialty medication management pharmacy.
1 Reed NS, Altan A, Deal JA, et al. Trends in health care costs and utilization associated with untreated hearing loss over 10 years. JAMA Otolaryngology-Head and Neck Surgery. 2019;145(1):27-34.