Using a Heath Savings Account or Flexible Spending Account for Hearing Aids

As the year comes to a close, and the holidays approach, many start to look at budgets for gifts and charitable giving.  However, there is a large population who overlook their medical needs, and the funds in their Health Savings or Flexible Spending Accounts.The benefits of using the HSA/FSA are extensive.  

While many HSA/FSA are provided through employers, banks and credit unions offer them as well, with several pre-tax benefits.  Using an HSA/FSA throughout the year can help budget your medical costs, and using a HSA can allow an individual to save up over time for larger medical expenses that are not fully covered by insurance (within the annual contribution cap).Contributions to a HSA have a maximum annual cap, but will roll over into the New Year.  

Flexible Spending Accounts do not have a maximum cap; however, they do not usually roll over.  With an FSA, you need to use it or you may lose it.If you do have a FSA with funds that will not roll over, you should consider stocking up on items that will not expire (or have an extended expiration date).  There are many who do not know all that can be purchased with their HSA/FSA.  

Under Federal guidelines, hearing aids, hearing aid batteries and additional hearing device equipment are all covered expenses.If you have questions on hearing aid devices and what is covered under your HSA/FSA, contact Audiology & Hearing Services of Charlotte and we can help answer your questions.