I have this headset and cant say I have found this feature, I remember seeing somewhere on the phone an option to announce Callers and Text messages, Not something I would use as I wouldn't like my texts read aloud while at work, school etc.. But if it worked via the headset, maybe ill look again.
My Random Island in the Sea of Data FireZen
Phone: LG G2 Sprint, Stock Rooted
Tablet: Nexus 7 2013, CleanRom With Faux123 Kernel
Retired/Returned Phones: HTC Mogul x4, HTC Touch Pro 2 x2 , HTC Diamond, Evo 4G, Evo Shift 4G, Samsung E4GT, Motorola Photon Q
Retired/Returned Tablets: SmartQ V7, Nook Tablet 16GB, Transformer Prime TF201 with Dock, Transformer Infinity TF700 With Dock