As the calendar flips to the end of the year, thoughts turn to the holidays & family gatherings, colder weather/rain (?!?) and… insurance?? While certainly not as fun as planning for the holidays, planning healthcare spending at the end of the year can be an important and valuable annual task. This is particularly true when it comes to hearing aids. The end of the year is the best time to see if your health insurance can help you with the “gift” of better hearing.
The sad fact is that many insurance plans do not have benefits for hearing aids. And though Medicare will pay for an annual hearing test (with a doctor’s referral), it does not provide any benefit towards the purchase of hearing aids.
However, if you are fortunate to have a plan that does have a benefit for hearing aids, the end of the year is typically the best time to take advantage of it. This is because insurance plan costs (deductibles/out-of-pocket expenses) renew each year. So at the end of the year, there’s a greater likelihood those deductibles and out-of-pocket maximum expenses have been met, allowing subscribers to take advantage of the maximum benefit. Some plans cover a percentage of the cost of hearing aids, while others have a maximum dollar amount.
And with some, once the deductible and out-of-pocket expenses have been met, the plan benefits may even be greater. Most plans with benefits “renew” after two or three years, helping subscribers to upgrade in technology earlier than others.
If you have a Flexible Spending Account (FSA) through your employer, you also may have pre-tax funds that you need to use by the end of the year.
Check with your employer regarding the details of your FSA, but those funds can be used for hearing aids, batteries, repairs and maintenance.
Navigating the world of insurance can be complicated, or even overwhelming at times. Work with your providers to try and get help. Though I can’t speak for other practices, we are happy to assist our patients in determining benefits, filing claims and following up regarding payment/reimbursement.
People pay a lot of money in insurance premiums, and they should take advantage of any/all benefits. And the end of the year is the best time to see if your health insurance can help you with the “gift” of better hearing.