First things first — the good news is that hearing aids are tax-deductible, but there are a few caveats to keep in mind:
If you want to take advantage of tax deductions for hearing aids, you will need to itemize your medical expenses carefully.
Itemizing your medical expenses can be a tedious process of collecting and scanning receipts, among other things, so you might not decide to deduct your hearing aid expenses every year. If you spend more than 7.5% of your income on medical costs over a two-year period, you are eligible to deduct your medical costs from your insurance.
In short, if you have paid a lot of medical bills this year, you may benefit from itemizing your hearing aid expenses and taking advantage of deductions.
You can deduct the following hearing-related medical expenses:
Taxes can get undoubtedly get overwhelming, but you don’t have to navigate them alone. You can use the IRS form 1040 Schedule A to itemize your taxes, and you’ll need to make sure to hold onto all your receipts. Tax experts and certified accountants can help you figure out exactly which of your expenses qualify as medical expenses and the best methods for deductions. If you purchased hearing aids for a family member, the purchase only qualifies for deduction if you also claim that person as a dependent.
For more information about the latest and greatest in hearing aid technology, browse our full suite of products, including devices from Phonak, Signia, Widex, and ReSound, or contact our customer service team today!