IntriCon to Supply Hearing Aids for UnitedHealthcare's Expanded Discount Program
Affordable Hearing Aids Now Available to More Than 26 Million Health Plan Customers Through hi HealthInnovations
ARDEN HILLS, Minn.--(BUSINESS WIRE)-- IntriCon Corporation (Nasdaq: IIN) , the body-worn device company, today announced it will be the supplier of hearing aids for hi HealthInnovations, a UnitedHealth Group company.
UnitedHealthcare recently announced that it is making hi HealthInnovations' high-tech, custom-programmed hearing aids available at a discounted price to the more than 26 million people enrolled in its employer-sponsored and individual health benefit plans.
"Research shows the cost of hearing aids is a significant barrier for consumers," said Mark S. Gorder, president and CEO of IntriCon. "We're excited to be a part of hi HealthInnovation's efforts to bring affordable, high-tech, custom-programmed hearing aids to more Americans."
The program is an expansion of the affordable hearing aid benefit option launched in October 2011 for UnitedHealthcare Medicare Advantage and Part D plan participants - with some of them paying no out-of-pocket costs for the devices. The hearing aids are also available to retail consumers for $749 to $949 per device, which also represents a deep discount compared to most competitor prices.
"According to the U.S. Department of Health and Human Services, hearing loss affects one in five Americans ages 12 and older," said Gorder. "And while 90 percent of people with hearing loss can benefit from hearing aids, fewer than 20 percent currently use them. Together, we can help change that."
According to Gorder, there's a fundamental shift under way in hearing health. Consumers are seeking more accessible and affordable care, and insurers and other organizations are developing new models to distribute care and medical equipment.
"Consumers and employers are looking for options that make hearing aids more affordable and accessible. We believe this collaboration between IntriCon and UnitedHealthcare will help address millions of Americans' hearing needs," said Lisa Tseng, M.D., CEO of hi HealthInnovations.
For more information on the product and pricing visit: www.hihealthinnovations.com.
About IntriCon Corporation
Headquartered in Arden Hills, Minn., IntriCon Corporation designs, develops and manufactures miniature and micro-miniature body-worn devices. These advanced products help medical, healthcare and professional communications companies meet the rising demand for smaller, more intelligent and better connected devices. IntriCon has facilities in the United States, Asia and Europe. The company's common stock trades under the symbol "IIN" on the NASDAQ Global Market. For more information about IntriCon, visit www.intricon.com.
Statements made in this release and in IntriCon's other public filings and releases that are not historical facts or that include forward-looking terminology are "forward-looking statements" within the meaning of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be affected by known and unknown risks, uncertainties and other factors that are beyond IntriCon's control, and may cause IntriCon's actual results, performance or achievements to differ materially from the results, performance and achievements expressed or implied in the forward-looking statements. These risks, uncertainties and other factors are detailed from time to time in the company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2011. The company disclaims any intent or obligation to publicly update or revise any forward-looking statements, regardless of whether new information becomes available, future developments occur or otherwise.
KEYWORDS: United States North America Minnesota
The article IntriCon to Supply Hearing Aids for UnitedHealthcare's Expanded Discount Program originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.