For many people, paying for medical treatments, including hearing aids and tinnitus treatments, can be a significant concern. The rising costs of healthcare can make it challenging to afford necessary treatments, especially when they aren’t fully covered by insurance.
Fortunately, there are options available that can make these expenses more manageable, such as Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA). These funds can help cover the costs of these essential treatments, providing financial relief and making it easier to prioritize your hearing health.
HSA and FSA Funds Explained
Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) are financial tools that allow individuals to set aside pre-tax money to pay for qualified medical expenses, reducing taxable income and making healthcare costs more manageable.
These accounts can be particularly beneficial for managing out-of-pocket healthcare costs, which can quickly add up, especially for treatments not fully covered by insurance.
HSAs
HSAs are typically available to individuals enrolled in high-deductible health plans (HDHPs).
These accounts offer the flexibility to roll over funds year after year, allowing you to build savings over time to cover future medical expenses, including hearing aids and tinnitus treatments. HSAs also have the added benefit of being portable, meaning the account stays with you even if you change jobs or retire.
FSAs
Employers often offer FSAs as part of their benefits package. Unlike HSAs, FSAs generally have a “use-it-or-lose-it” policy, meaning any unused funds at the plan year’s end may be forfeited.
However, some plans may offer a grace period or allow a limited carryover of funds to the following year. FSAs can be valuable for budgeting and planning annual healthcare costs, including routine treatments and necessary medical devices.
Refer to official government resources on HSAs and FSAs for more detailed information.
- Health Savings Account (HSA) at HealthCare.gov
- Flexible Spending Account (FSA) at HealthCare.gov
- The Difference Between A Flexible Spending Account (FSA) And A Health Savings Account (HSA)
Can You Use HSA and FSA Funds for Hearing Aids?
Yes. Hearing aids and related expenses such as batteries, repairs, and accessories are considered qualifying medical expenses for both HSA and FSA accounts when used at an audiology office. This is a major advantage over big box stores.
Using funds from your HSA or FSA effectively reduces the overall cost of your hearing aids. This financial support can make choosing the best device for your needs easier without worrying as much about immediate out-of-pocket expenses.
Additionally, knowing that you can use these funds for batteries and repairs provides ongoing peace of mind, allowing you to maintain your hearing aids without additional financial strain.
Hearing aids are critical for improving quality of life, enhancing communication, and maintaining social connections for those living with hearing loss. Whether purchasing hearing aids for the first time or upgrading to a new model, these savings accounts offer a positive way to manage the costs and ensure you receive the care you need.
Possible FSA Limitations on Hearing Aids To Be Aware Of
When using FSA funds for hearing aids, there may be some coverage limitations as some employers offer limited-purpose FSAs. These plans are used primarily for dental and vision, and cannot be used for hearing aids.
Before you move forward with your purchase plans, ensure that your FSA is eligible. Typically, hearing aids are a qualifying expense but it is a good idea to double-check. You can find the coverage information you seek on your FSA administrator’s website.
Once you confirm coverage, your administrator may issue an FSA debit card that you can use at eligible providers, retailers, or e-commerce sites. Anything you spend will be deducted from the FSA balance. You can also pay out of pocket and submit a reimbursement claim to your FSA administrator by the end of the plan year.
If you use your FSA to pay for ineligible expenses, you may owe taxes on the amount you withdrew.
Can You Use HSA and FSA Funds for Tinnitus Treatments?
If you’re seeking treatment for tinnitus, such as the new Lenire treatment offered at Chicago Hearing Services, you might be pleased to know that HSA and FSA funds can be used to cover the cost.
While Lenire is not typically covered by insurance, these savings accounts provide a valuable option for financing this innovative treatment. Visit our website for more information on tinnitus treatment with Lenire.
Find HSA and FSA Eligible Solutions at Chicago Hearing Services
At Chicago Hearing Services, we understand the financial challenges of managing hearing health. That’s why we offer a range of solutions, including hearing aids and tinnitus treatments, that are eligible for HSA and FSA funding.
Contact us today to learn how to use your HSA or FSA funds to improve your hearing health and quality of life.
