That Time of Year Again:

December 31st is quickly approaching, and for those of us with Flexible Spending Accounts (FSA), this means time to scramble. For many with FSAs, December 31 means saying farewell to a year’s worth of accumulated health funds.

This holiday season, put those about-to-expire FSA funds towards a gift for yourself. Hearing aids are not typically covered by insurance, but those helpful FSAs and Health Savings Accounts (HSA) can often assist in mitigating the financial blow. This December, let Audicus assist you in improving your hearing and spending those FSA funds like a pro.


FSA… HSA… Huh?  

What do these acronyms really mean? FSA, HSA– you may be familiar with these terms, especially if you’re one to frequent the doctor’s office, but do you really know what they mean? Sure, you may know that FSA stands for Flexible Spending Account, and HSA for Health Savings Account, but are you fully aware of the intricacies of how they function? Whether you are or are not, we’re glad to be here to provide some essential info.


How do they work?

Both of these accounts function like a credit card for purchases that are not covered by your insurer. The FSA allows you to set aside pre-tax dollars that will be specifically allocated towards medical expenses not covered by insurance. Purchases made under your FSA can include things like sunscreen, contact lens solution, or even a wheelchair, as well as medically-prescribed items like prescription acne medication or pain relievers. When purchasing these items, cardholders can either purchase directly with their FSA card, or can purchase with a separate credit card, and submit the invoice for reimbursement from their FSA.

A Health Savings Account, HSA, on the converse, is typically geared towards those with high-deductible health plans, or insurance plans that require a larger-than-usual portion of out-of-pocket payment for medical services. Because of this, they’re better suited to deal with ‘catastrophic illnesses’ rather than chronic or sustained conditions. Premiums are lower, too, because it’s assumed that people won’t be paying for routine healthcare.

A major difference between these two plans is an issue of time: the FSA is time-dependent, and one must spend within their plan until it expires– this usually happens on December 31– while HSA funds typically roll over to the next year. However, both can be used to cover the cost of hearing aids!


So, what does this mean for you?

Because FSA funds essentially vanish at the end of the plan-year (when your insurer’s annual plan expires), it only seems logical to look towards smart spending– where can you put this money? While many of the items mentioned above–sunscreen, acne medication– are not covered by insurance, these are not typically the most ‘big-ticket’ items. That is, their exemption from insurance is not necessarily surprising, nor detrimental to the average citizen.


What is exempted from insurance?

Typically hearing aids are not covered by insurance. They are, however, covered by most FSA accounts, and by all HSA accounts. Most people may jump at the phrase ‘hearing aids,’ as it could potentially evoke thoughts that 1) hearing aids are too expensive, 2) there is a stigma associated with hearing aids, or 3) that their hearing loss is not that bad.


Changing the Game with Audicus:

Audicus is different – we can combat all three of these concerns. We offer high-quality hearing aids at prices up to 80% lower than competitors. Stigma? No way– these hearing aids are state-of-the-art and actually pretty stylish! The boast a modern, sleek design, and are incredibly discreet once in the ear. Finally, hearing loss is a problem that affects somewhere around 40 million Americans, many of whom claim their hearing loss is not that bad. Still, this holiday season, we encourage you to explore this option– it’s better to take preventive measures and catch your hearing loss while it’s still minimal rather than wait a few more years for your hearing to further deteriorate.

Now that you know the FSA and HSA basics, you have the appropriate repertoire of information with which to purchase a hearing aid. Although HSA funds do  provide you with the opportunity for coverage year-round we think now is the time to take the plunge and make it a memorable December. FSA funds may otherwise go to waste by the end of the year, you could have the chance to brighten up your and your family’s holidays with the gift of hearing. Check out our full range of products, and see what kind of joy you could receive through these accounts by this December 31st.


by Andrea Zeilinski