Normal-hearing (NH) listeners can extract and integrate speech fragments from momentary dips in the level of a fluctuating masker, yielding a fluctuating-masker benefit (FMB) for speech understanding relative to a stationary-noise masker. Hearing-impaired (HI) listeners generally show less FMB, suggesting a dip-listening deficit attributable to suprathreshold spectral or temporal distortion. However, reduced FMB might instead result from different test signal-to-noise ratios (SNRs), reduced absolute audibility of otherwise unmasked speech segments, or age differences. This study examined the FMB for nine age-matched NH-HI listener pairs, while simultaneously equalizing audibility, SNR, and percentage-correct performance in stationary noise. Nonsense syllables were masked by stationary noise, 4- or 32-Hz sinusoidally amplitude-modulated noise (SAMN), or an opposite-gender interfering talker. Stationary-noise performance was equalized by adjusting the response-set size. Audibility was equalized by removing stimulus components falling below the HI absolute threshold. HI listeners showed a clear 4.5-dB reduction in FMB for 32-Hz SAMN, a similar FMB to NH listeners for 4-Hz SAMN, and a non-significant trend toward a 2-dB reduction in FMB for an interfering talker. These results suggest that HI listeners do not exhibit a general dip-listening deficit for all fluctuating maskers, but rather a specific temporal-resolution deficit affecting performance for high-rate modulated maskers.