Even though hearing loss is very common in the older population, many people procrastinate making this investment or even looking into it. The main factor usually comes down to cost.
Since hearing aids are not covered by most insurance plans, the bulk of the cost is out of pocket. But wait! There are a few options that you may not have considered that could help you pay for them.
Flexible Spending Accounts (FSA)
Do you have a Flexible Spending Account (FSA) through your employer? If you don’t, look into it because many companies offer this option that let you use pre-tax dollars to buy healthcare related items, and this can add up to a big savings. Some companies even match contributions, which essentially cuts your portion of the cost in half!
FSA money can be used for deductibles, co-pays some pharmaceutical medications, as well as other health related expenses like hearing aids.
FSAs are limited to $2,750 per year per employee (as of 2021) but that can be doubled if your spouse can get in on it too. Then you can use these pre-tax dollars (usually with a dedicated debit card) to pay for dental, medical and other healthcare costs. Be sure to check the list of qualified expenses, but this can add up to big savings if you use it for all of the medical costs you will have regardless, including hearing aids.
What it doesn’t cover is insurance premiums, but FSA funds can be used for medical devices like crutches, wheelchairs and hearing aids, so it can lift a heavy burden if you are in need of that type of equipment!
Health Savings Accounts (HSA)
A health savings account (HSA) is very similar to an FSA in that it uses pre-tax dollars for qualified medical and health expenses. The difference is you have to have a high-deductible health plan in order to contribute to an HSA, so speak to your HR department to see which one you could use.
HSAs often cover preventable services before the deductible, and the minimum deductible in 2021 was $1400 for one person and $2800 per family.
FSAs often have to be used up during the calendar year so you have to plan carefully so as not to lose any of it, but HSAs roll over to the next year so it’s easier to manage. HAS can also earn interest that are not taxable.
With this option, there’s no reason to wait! The cost of hearing aids are often an investment: being pro-active now will pay off many times over in the future.
The first step to halting hearing loss and preventing further damage is to recognize your situation. Come in today for a hearing screening and formulate a strategy to train your brain to listen actively and effectively.
Diablo Hearing Services 2301 Camino Ramon, STE 106 San Ramon (925) 394-4646