Paying for Hearing Aids: Tax Breaks from Uncle Sam with HSAs and FSAs

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Yes, I was finally able to get my hearing aid using my new HSA!!! It also covers maintenance, batteries, and even a hearing aid dehumidifier! I was so excited, it has been life changing for me! If you have an HSA account through your insurance all you have to do is go to your insurance card’s website and they will have a huge list to tell you what is covered, what is ineligible, and what would be covered with a prescription. Very awesome!

I think hearing should be like vision and we should be able to have it covered under our normal insurance plans (which my company’s are not cheap, so you think they would!) But until they realize that hearing is as important as seeing and people need help with it, then having an HSA plan is a nice addition.

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FSA’s are table crumbs engineered by corrupt politicians to steal as much as possible from the people of this country. The idiocy of requiring you to predict a hear ahead of time what your expenses are going to be over the next year is just frustratingly manipulative. Why don’t they just let you deduct it without limitations, or with the simple limitation of $5000? Why all this idiotic game-playing about funding a special account?

Health FSAs are useless if you aren’t able to plan ahead. My wife only allocated $500 for her FSA this year, and then I got diagnosed with sleep apnea AND really needed new hearing aids. Medical coverage covered the CPAP but not the HAs. So I was faced with another year of “WHAT?” or forking out $4000 without any tax relief.

And did you see all those limitations on the HSA this year? You have to be enrolled in a high-deductible health plan with high co-pays and limited medication coverage? This is cruel insanity.

Hmm. I’m in a high deductible plan, and I love it. I’ve had five surgeries in the last five years, so I have met my out-of-pocket maximum every year. Yet even though I have forked out all of that money, I have still saved money through lower premiums.

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Haggis, only FSAs have the “use it or lose it” limitation. That is, you are supposed to predict your spending and hope that you spend it all in the year or it goes to the government. I used to contribute just enough to cover my family’s deductable and even then I lost money a couple of times because I didn’t spend it all.

HSAs are better. They let you build up as much as you want and the funds don’t go away. You earn interest on your HSA funds. You may also invest some if your account is high enough. Many people treat their HSAs as a second 401k to help pay for medical costs post retirement.

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