Making the most of the holidays virtually

2021-02-05
If you are an employee with a Flexible Spending Account, you might want to double check your balance. Now may be a smart time to take care of your hearing healthcare needs, especially if you are one of the 48 million Americans1 with hearing loss. HearingLife has more than 600 locations open most days in December. For most locations, we now offer convenient online booking.

What is a Flexible Spending Account and why are FSAs important?
Many employers offer a Flexible Spending Account (FSA)2 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, up to $2,700 per year.

Who can you use 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

Some medicines

Eyeglasses


Why the urgency? Because 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, it is “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 monies 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.

Don’t have a flexible spending program? We have financing and other options, too
Even if you don’t have this option, HearingLife sometimes has special offers and other ways to keep hearing aids affordable. CareCredit® is a financing program for health-related costs that may help you pay over time. Check out if you have hearing aid insurance coverage. Find out if Medicare covers hearing aids?