When the Lyric’s battery dies, the entire device is replaced. Patients do not pay for a new device every time; instead, they pay an annual subscription fee of $2,900 to $3,600 for both ears (less if the hearing loss is in only one ear). Insurance plans typically do not cover the cost of the Lyric, or any other hearing device.
The technology is apparently in beta, and due to technical limitations, is only able to be worn by half the population, but the company says they're working on a version that "should work for about 85 percent of patients." While $3,000/year is too much for most people to pay per year, hopefully competition and technological development will bring down costs. Just cross your fingers and hope that patent laws don't give the inventors rights over everything like it.