If you have money in a Flexible Spending Account or Health Savings Account, you may be wondering if you can use it for purchasing hearing aids. We’re happy to say that in most cases, you can! 

What is a Flexible Spending Account and why are FSAs important?

Many employers offer a Flexible Spending Account² (FSA) as part of their benefits package. Sometimes referred to as a Health Flexible Spending Arrangement, an FSA is an account in which you place pre-tax dollars to cover certain medical expenses. FSAs save you money by allowing you to withhold pre-tax money from your pay to purchase healthcare-related items.

What can you use an FSA for, and what does it cover?

These funds can be used for yourself, your spouse and your dependents throughout the calendar year. They can be used for:

• Health-related spending, including hearing aids
• Copayments
• Deductibles
• Medical and dental costs
• Certain medicines
• Eyeglasses

FSA is “use it or lose it!”

Although you can spend the money on a wide array of medical services, prescriptions and medical expenses, unfortunately, FSA accounts are “use it or lose it” money. You must spend the money within the calendar year. Although some programs have a grace period, others require you to spend all funds by December 31st.

Can I use my FSA spending on my parents’ hearing aids?

Maybe, but only if you claim them as dependents on your tax return. Even if your parents live with you, they may not be your dependents, and therefore you cannot use FSA dollars toward their healthcare. The same applies for your children. If you claim them on your taxes, you can cover certain medical expenses using FSA funds.

Health Savings Accounts (HSAs)

You may also have an HSA (health savings account), which is a bit different than an FSA. HSA accounts may be offered through your employer-sponsored health insurance, but you can also open one through a bank. The money you put in an HSA is not taxed as long as you use it for qualifying health expenses. 

Hearing aids are usually considered a qualifying expense, but be sure to check with your HSA institution to make sure. 

Other Financing Options

Even if you don’t have an FSA or HSA, HearingLife has special offers and financing to help make hearing aids more affordable. CareCredit^® is a financing program for health-related costs that may help you pay over time.⁺ Check and see if you have hearing aid insurance coverage. Find out if Medicare covers hearing aids.

Hearing healthcare is vital to your well-being. Find out how your hearing health is doing with a complimentary hearing assessment*.

²https://www.irs.gov/publications/p969#en_US_2016_publink1000204174

⁺Subject to credit approval