My hearing is fine. Rather, I think my ears are too keen.
Any background noise distracts me, especially when I'm watching TV. I'm also a very analog individual, and these digital interferences, feedbacks, or whatever they're called, are very annoying to me. I often find myself not understand over half of what's being said on the phone, in a voice chat, or even in a YouTube video.
If I were more cynical and naïve, I'd say to suck it up and learn to read lips, but just thinking this over for a few seconds makes one realize that this doesn't really help. Every individual has a different face, and in turn, a different pair of lips. Also, this doesn't work when someone is speaking in a language they're not fluent in, or not a native speaker of, in which case they'll often mispronounce words.
Regarding subtitles, I'm bilingual, and I've had to deal with several mistranslations between the two languages I'm fluent in. In one case, I was playing Modern Warfare 2., and you might be shocked (or not) to learn that the localization for this game was an absolute mess. In the most infamous case, "No Russian" was translated to "Kill them, they're Russians." These sorts of mistranslations/misinterpretations really create an itch within me that can't be scratched, and this is why I tend to stick to whichever language the media is native with, if possible.
I guess what I'm trying to say is, I'm very fortunate and glad that my hearing is fine. Perhaps too good. If comes the time I lose my ability to hear, however, I'd be forced to use subtitles, since these are the best and at the moment the only option.