[hear-it.org] A report calculates the social and economic cost of hearing loss in Australia to total 33.3 billion Australian dollars in 2017. The direct financial cost is 15.9 billion dollars. Lost wellbeing costs an additional 17.4 billion dollars.
The financial cost of hearing loss in Australia in 2017 is estimated to be 15.9 billion Australian dollars. The value of lost wellbeing in 2017 is estimated to be to another 17.4 billion dollars. In this way, the total cost of hearing loss in Australia is 33.3 billion dollars, a report finds.
The report “The social and economic cost of hearing loss in Australia” was published by the Hearing Care Industry Association in Australia in 2017.
The financial costs
The financial costs of hearing loss in 2017 of $15.9 billion, comprises:
– Health system costs of $881.5 million
– Productivity losses of $12.8 billion (most of which was due to reduced employment of people with hearing loss of $9.3 billion)
– Informal care costs of $141.6 million
– Other financial costs and economic losses of $2.16 billion
The largest component of health system costs was the cost of the Office of Hearing Services program that is provided by the Australian Government ($521.4 million).
Plus the costs of lost wellbeing
In addition to financial costs, hearing loss imposes a significant reduction of wellbeing, estimated for 2017 as 90,223 “disability adjusted life years” (DALY). DALY is a measure/calculation of a burden of a disease that is commonly used and developed by the WHO, World Bank and Harvard University in the US.
The value of the lost wellbeing in the report was estimated to be $17.4 billion. Lost wellbeing therefore represents 52% of total costs attributed to hearing loss.
About the report
The report “The social and economic cost of hearing loss in Australia” was made by Deloitte Access Economics and published by the Hearing Care Industry Association in Australia.
Source: Hearing Care Industry Association,www.hcia.com.au