Title: How to Use FSA or HSA Accounts to Buy Hearing Aids
Hearing aids are invaluable devices when it comes to reconnecting with your loved ones and overcoming your hearing loss. But, they aren’t the cheapest devices around, and depending on your level of hearing loss—as well as other needs—you may need hearing aids that can run you $1,500-$3,000 per hearing aid.
Depending on your insurance, some or all of these costs may be covered. You can also count on us here at Hearing Associates of Las Vegas to provide you with helpful financing options. But what many people are surprised by is how they can utilize their health savings accounts to assist with their hearing aid purchase.
How To Use Your FSA Or HSA On Hearing Aid Purchases
Your Health Saving Account (HSA) or Flexible Spending Account (FSA) can only be utilized for qualifying medical expenses. Luckily, hearing aids are qualifying medical devices! However, not all HSA and FSA can be used on hearing aids.
- Health Reimbursement Account (HRA)
- Flexible Spending Account (FSA)
- Health Saving Account (HSA)
Not Eligible Accounts:
- Limited Care FSA (LCFSA)
- Dependent Care FSA (DCFSA)
Your paperwork for these accounts should state what kind of account you have available. Also, FSAs and HSAs often have debit cards associated to make payments easier.
Do Hearing Aid Batteries Count
For those individuals who don’t choose rechargeable hearing aids, keeping fresh hearing aid batteries stocked up can be a significant concern. Depending on the size of your hearing aid and battery type, you may be swapping batteries every few days up to a couple of weeks.
To help you avoid running to the store for hearing aid batteries all the time, you can use your FSA or HSA to purchase these needed batteries.
Are There Hearing Aid Restrictions
Another question that is commonly asked is if there are any hearing aid restrictions when it comes to purchasing hearing aids with HSA or FSA.
In most cases, the major hearing aid brands should all be approved for purchase with these funds. No matter what, our hearing aid specialists can help you navigate through any restrictions that may exist.
Best Time To Use Your HSA Or FSA To Buy Hearing Aids
If you have been waiting for the right time to use your HSA or FSA, it is best that you utilize your FSA before the end of the year. HSA funds will roll over every year, but that is not the case when it comes to your FSA. Instead, one of two things will happen to your FSA at the start of the year:
- Only $500 from last year’s FSA will roll over into next year’s FSA.
- A two-month grace period after January 1st will be stipulated by your employer. After that, last year’s funds are gone.
Rather than give up your hard-earned money, you may want to opt to spend it on your hearing health care. If you aren’t sure what your hearing needs are, a hearing evaluation by one of our hearing instrument specialists can determine the extent of your hearing loss and provide insight into what hearing aids will help you the most.
Top Benefits To Using HSA Or FSA On Hearing Aids
By now, you likely can see the main benefits of using your FSA or HSA to help finance your hearing aids. But just in case, here’s a quick roundup of the top benefits to using an FSA or HSA on your hearing aid purchase.
- Buy your hearing aids sooner – The cost of hearing aids can be a stumbling block for some people. But, by being able to utilize your FSA or HSA, you can make it easier on yourself to purchase the hearing aids you need sooner.
- Completely utilize your FSA – As mentioned above, FSA funds that aren’t used will disappear, which wastes your hard-earned money. Rather than choose to waste, you can buy the hearing aids you need.
- Purchase hearing aids with pre-tax funds – HSA and FSA both are pre-tax savings accounts. If you were to withdraw the money to make a purchase, you would be subject to taxes on that money before you purchase. But if you buy hearing aids directly with your FSA or HSA, you can use the money pre-tax.
If you are interested in working with our hearing instrument specialists to discover your hearing aid options, as well as any other hearing concerns you may have, feel free to contact us for an appointment. We look forward to helping you achieve the best hearing possible.