Make the Most of Your Flexible Spending Account

Why you should spend your flex account dollars on your ears.

Did you know your employer has helped to alleviate some of your health care costs with your flex spending account? Get the most out of your account by making sure you’re spending your money wisely. Hearing is crucial for enjoying everything from music to end-of-the-year festivities with family and friends, so make sure you’re hearing your best by putting your FSA dollars toward your hearing health.

Although health insurance is perhaps the best way to save on the cost of hearing aids, only about 40% of regular health insurance plans provide $500 to $3,000 toward the cost of new devices. However, your employer may offer an FSA or HSA (flexible spending account or health spending account), which pulls money from your paycheck pretax and sets it aside for future medical expenses. If you take advantage of your employer’s FSA, your hearing care costs will still come out of pocket, but they will be untaxed, getting you more for your money.

If your benefits aren’t used by the end of the year, they likely won’t roll over to next year’s balance. If you’ve already used your FSA funds for this year, consider what your hearing needs will be next year when you decide how much of your paycheck you’d like to reserve.