While hearing aids may not always be covered by insurance, there are other ways you can purchase hearing aids that don’t have to impact your budget. Namely, by using a Flexible Spending Arrangement (FSA) or a Health Spending Account (HSA).
We work with most types of health savings here at Heroes of Hearing, so if you have one of these accounts and have been putting off purchasing hearing aids, you may not need to delay any longer.
Using FSA And Other Health Savings To Pay For Hearing Aids
Hearing aids are one of the medical devices which are considered a qualified medical expense when it comes to the various health savings plans. However, which plan you have will affect your ability to purchase hearing aids.
- Flexible Spending Account (FSA) – Eligible
- Limited Care FSA (LCFSA) – Not Eligible
- Dependent Care FSA (DCFSA) – Not Eligible
- Health Savings Account (HSA) – Eligible
- Health Reimbursement Account (HRA) – Eligible
If you have been delaying purchasing hearing aids, you may waste some of the funds available to you. While an HSA will rollover with all your funds to the next year, an FSA will not.
Depending on the plan your employer has selected, you will either have a 2.5 month grace period where you can spend the funds or only have $500 carried into the new year. So, before the end of the year, it just makes sense to take the plunge and invest in a set of hearing aids.
Also, if you have hearing aids or are going to work with our hearing instrument specialist to purchase a pair, you can also stock up on hearing aid batteries. As hearing aids require battery changes often, it would be a good idea to use your FSA or HSA to stock up on them; however, if you have an LCFSA or DCFSA, you are also not eligible to purchase hearing aid batteries with those funds.
Buying Hearing Aids With FSA Or HSA And Your Taxes
As FSA and HSA accounts are generally contributed to directly from your payroll, there is no tax attached to that portion of your income. If you were to withdraw the money, it would become subject to tax. But if you are buying hearing aids or hearing aid batteries and either paying with the funds directly or requesting reimbursement, you will not be taxed.
If you are ready to invest in hearing aids, contact us. You can receive a hearing test, hearing aid fitting, and demo different hearing aids as you work with our hearing instrument specialist to find the perfect hearing aids for your needs.