Good news! Hearing aids and related equipment are covered by health savings accounts (HSA) and flexible spending accounts (FSA).

Why use funds from these accounts on hearing aids? Because hearing aids are not covered by Medicare nor by many health insurance plans, so using pre-tax money reduces your out of pocket expenses.

What kind of hearing care expenses are covered?

The following are typically considered “qualifying medical expenses,” meaning you can use your savings accounts for these purchases:

Quick definitions

Health savings account

HSAs are “a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses,” according to HealthCare.gov. You can contribute to an HSA only if you have an HSA-eligible plan (also called a High Deductible Health Plan). You can roll over the money year after year. The money may also earn interest and is not taxed.

Flexible spending account

FSAs are similar but offered by employers and do not roll over year after year. When you have an FSA, you put pre-tax money from your salary into the account to pay for out-of-pocket health expenses. This helps you save money. The downside? There are limits on how much you can put in an FSA and all the money must be spent within the calendar year.

Here’s a handy comparison chart on the two.

Hearing aids are tax deductible

More good news: Hearing aids and other costs related to treating hearing loss can be included as medical deductions on your taxes. This is another good way to reduce the price of hearing aids, which can reach upwards of $4,000.

More: Hearing aids and tax time: What to know.