With the holidays approaching, many are looking to expand their budget for gifts and charitable giving. One area people commonly overlook is their medical needs, and the funds in their Health Savings or Flexible Spending Accounts.
Many are unaware that their hearing aids, hearing aid batteries and additional hearing device equipment are covered by an HSA and FSA.
The benefits of using the funds in your HSA/FSA are extensive. While many HSAs and FSAs are provided through employers, banks and credit unions also offer them. Using an HSA or FSA throughout the year can help you manage your medical costs, and allow you to save for larger medical expenses that are not fully covered by insurance (within the annual contribution cap).
Contributions to a HSA have a maximum annual cap, but rollover from year to year. Flexible Spending Accounts do not have a maximum cap, but don’t usually roll over.