Although more than 28.8 million Americans could benefit from wearing aids, millions don’t. The cost of hearing aids is one of the most common reasons why individuals with hearing loss decide not to purchase them. Many people feel priced out of the hearing-aid market, often due to the initial high payment.
A common question among new hearing-aid wearers is: Are hearing aids tax deductible? The good news is that if you are prepared to list and itemize your medical expenses, you can save money by writing off your hearing aids as a tax-deductible expense. Hearing aids have been listed by the IRS as eligible for a tax deduction, but this varies widely based on your income and other financial factors. So, if the question of “are hearing aids tax deductible?” is still unclear, it’s best to check with your tax professional regarding the ability to deduct hearing aids.
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In certain circumstances, hearing aid batteries, hearing evaluations, hearing aid repairs, amplified telephones and other accessories can also qualify for tax deductions. It’s one of the few tax breaks available thanks to changes in the income tax law.
If you are employed with hearing loss, certain purchases related to your hearing loss that help you to do your job can also be deductible. This may include equipment to help your hearing such as a customized computer or listening device. Not all US states provide the same standard benefits to those with hearing loss, so you’ll need to check in your area if you qualify.
The following hearing-related costs can be deducted:
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Now that you know the answer to “are hearing aid costs tax deductible?” is yes, the next step is to claim it.
For the IRS to recognize your hearing aid tax credit, you must ensure your deductions are itemized when you complete your tax return. Deductions can only be claimed if your total out-of-pocket health costs are more than 10% of your adjusted gross income. If you are over 65 years of age, this drops to 7.5%. When you itemize your deductions, make sure you don’t include any medical insurance coverage your employer provides.
Other helpful things to remember include:
Keep in mind that it’s the year in which you pay for your health-related expenses when the amount applies towards the deduction. It is not when you incur the expense. You cannot claim for a procedure or device that you have already had but haven’t paid for yet.
Now, if the answer to “are hearing aids taxable?” is no for you, there are still options on the table aside from your tax returns.
If you don’t currently spend over 10%, there are other ways you can save money on your hearing aids and cover hearing-related costs. If you have a Flexible Spending Account (FSA) or Health Savings Account (HSA) you may not be so limited by the same minimum rate. This means you could still be able to deduct your hearing aids if your health insurance deductible is at a high enough level for you to qualify. You may also be able to meet the 10% threshold by accounting for all your approved health-related purchases such as prescriptions and eyeglasses. Despite these expenses being much lower than the cost of hearing aids, the overall amount may be enough to push you over the threshold and qualify you for a deduction.
If you are looking to save money on your hearing loss treatment expenses, then by keeping track of all related purchases and itemizing your expenses, you receive a proportion of tax money back.
If you are looking to save money on your hearing loss treatment expenses, then by keeping track of all related purchases and itemizing your expenses, you can look forward to receiving a proportion of tax money back.
