Navigating the Year-End with Your FSA/HSA: Key Tips for Hearing Health Expenses

As we approach the end of the year, many people find themselves assessing how to maximize their Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA). If you're one of those individuals, you may wonder how to best utilize these funds for hearing health expenses. The good news is that there are several ways to ensure that your hearing health needs are met while effectively using your FSA/HSA dollars. Let’s explore some key tips to help you navigate through this crucial time.

Know the Deadlines

First things first: Familiarizing yourself with the deadlines is crucial. Depending on your specific FSA or HSA plan, there may be a "use-it-or-lose-it" policy. Generally, you need to spend all your FSA funds by December 31st. While HSAs often allow you to roll over unused funds into the next year, it’s still wise to review your plans and understand the specific timelines. Mark your calendar and set reminders to help you avoid missing any critical deadlines.

Eligible Expenses: What You Need to Know

When it comes to hearing health, both FSA and HSA accounts can cover a variety of expenses. It’s essential to know what qualifies, so you don’t leave any funds unused. Here are some common eligible expenses for hearing health:

• Hearing Tests: Regular check-ups are vital for maintaining your hearing health. You can use your FSA/HSA to pay for hearing tests prescribed by an audiologist or healthcare provider.
• OTC Hearing Aids: If you've been considering hearing aids or have received a recommendation to pursue them, good news! Many OTC (over-the-counter) hearing aids, such as Lexie’s OTC hearing aids, are FDA-cleared and eligible for FSA/HSA reimbursement.

Spend Remaining Funds Wisely

Once you understand your account balances and eligible expenses, it’s time to take action. If you still have remaining funds as the end of the year approaches, here are some effective strategies:

• Schedule a Hearing Test: If you haven't had one this year, it's an excellent opportunity to check in on your hearing health. An evaluation can determine if you need any further services or devices. You can also take our FREE online hearing test to find out if Lexie’s FDA-cleared and FSA/HSA-eligible OTC hearing aids are right for you. You’ll also get a $50 coupon to spend on a pair of Lexie OTC hearing aids too!
• Invest in OTC Hearing Aids: Considering that FSA and HSA funds can be used for FDA-cleared OTC hearing aids, now might be the perfect time to acquire them. Take our quiz to find your perfect Lexies.
• Consider Accessory Purchases: Stock up on any batteries or maintenance supplies you may need to keep your hearing aids in optimal condition.

Evaluate and Learn

The end of the year is not just about spending down funds; it's also a great time for reflection. Take a moment to evaluate your hearing health journey over the past year. Are there areas where you could improve? What challenges have you faced in maintaining your hearing health? You can create a proactive plan for the coming year by taking the time to answer these questions.

As you navigate these important decisions, I encourage you to try our FREE online hearing test to find out if OTC hearing aids are suitable for your needs. Understanding your hearing health is the first step toward enhancing your quality of life, and exploring options like Lexie’s FDA-cleared hearing aids can be a wonderful solution.

Navigating the intricacies of your FSA/HSA does not have to be overwhelming. By keeping these tips in mind, you'll be well-equipped to spend your funds wisely and prioritize your hearing health as we bid farewell to this year. Here's to empowered hearing health decisions in the year ahead!