Can I use my health savings account or flex spending for hearing aids?
Find out what expenses are covered by HSA and FSA accounts
Good news! Hearing aids and related equipment are covered by health savings accounts (HSA) and flexible spending accounts (FSA).
What kind of hearing care expenses are covered?
The following are typically considered “qualifying medical expenses,” meaning you can use your savings accounts for these purchases:
Health savings account
HSAs are “a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses,” according to HealthCare.gov. You can contribute to an HSA only if you have an HSA-eligible plan (also called a High Deductible Health Plan). You can roll over the money year after year. The money may also earn interest and is not taxed.
Flexible spending account
FSAs are similar but offered by employers and do not roll over year after year. When you have an FSA, you put pre-tax money from your salary into the account to pay for out-of-pocket health expenses. This helps you save money. The downside? There are limits on how much you can put in an FSA and all the money must be spent within the calendar year.
Here's a handy comparison chart on the two.
Hearing aids are tax deductible
More good news: Hearing aids and other costs related to treating hearing loss can be included as medical deductions on your taxes. This is another good way to reduce the price of hearing aids, which can reach upwards of $4,000.