The countdown to the New Year has begun! For those with HSA or FSA accounts, this season offers a perfect opportunity to consider long-term investments in your health, like hearing aids. If you’re concerned about out-of-pocket costs or aiming to meet your end-of-year deductible, there’s no better time to take action. Read on to hear how you can end the year without leaving any money on the table.

HSA vs FSA: What’s the Difference?

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are often available through health insurance plans as tax-advantaged options to help save on medical expenses. While both accounts serve a similar purpose, there are a few key differences to know—especially as the end of the year approaches.

One major distinction is that HSAs allow you to carry over unspent funds, so you don’t lose any savings from year to year. FSAs, however, do not carry over, meaning any unused funds are forfeited at the end of the year.

Can I Use my HSA to Buy a Hearing Aid?

HSAs and FSAs both allow you to spend on qualified medical expenses, but are hearing aids FSA-eligible? Yes! Hearing aids and related hearing services are eligible expenses for both HSAs and FSAs, giving you access to hearing aid insurance coverage.

Benefits of Using HSA/FSA Funds for Hearing Aids Before Year-End

Using HSA and FSA funds for a tax-advantaged hearing aid purchase offers many benefits, especially when used at the end of the year. Here are a few of our top benefits:

• Meet Annual Deductibles: HSA-eligible health insurance plans typically have higher deductibles that must be met before insurance begins covering expenses. Using your HSA funds to purchase hearing aids can help you meet this deductible, enabling your insurance to cover other qualified health expenses.
• Benefit Before Deductibles Reset: Already met your deductible this year? Deductibles reset after December 31st, so take advantage of your access to your HSA funds before you need to pay out-of-pocket minimums again.
• Use FSA Funds Before They Expire: Unlike HSAs, FSA funds don’t roll over. Hearing health is often sidelined by other urgent healthcare needs, but with year-end approaching, it’s a perfect time to prioritize it without any fear or guilt.

Address Your Hearing Health Before the New Year

Audiologists provide more than just hearing aids—they offer comprehensive services such as hearing tests, hearing loss prevention, tinnitus therapy, and age-related hearing screenings. At Hearing Health Solutions, we offer a wide array of hearing solutions, including CIC hearing aids, assistive listening devices, HSA-approved hearing aids, and the latest technology to support your hearing health.

Don’t let your HSA/FSA funds go to waste! Schedule your year-end hearing test appointment and ensure any device fittings occur before December 31, 2024. Our expert Columbus audiologist can help you find the perfect solution while making the most of your benefits. Start the new year with clear, comfortable hearing for all the moments that matter.