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HSA Members Recieve Free COVID-19 Testing & Treatment

on Mar 13, 2020 in Announcements: Employer Group, Announcements: Family Health, COVID-19, General Parrott Insurance News

 


 

HSA Bank has highlighted the following key legislative updates that may provide relief during the COVID-19 pandemic:

  • Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
    • Individuals may use their Health Savings Account (HSA) to pay for qualified expenses accrued using telehealth services from March 27, 2020, until December 31, 2021.
    • Individuals may also use HSAs, Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs) to purchase over-the-counter medicines that had previously required a prescription from a physician and, for the first time, feminine hygiene products.
  • 2019 HSA Contribution Deadline
    • The IRS extended the 2019 tax-year HSA contribution deadline to July 15, 2020. State tax filing and payment deadlines may vary.
  • Using an HSA to Pay for COVID-19 Expenses
    • The IRS has issued Notice 2020-15, which allows High Deductible Health Plans (HDHP) to cover COVID-19 testing and treatment pre-deductible. In other words, even if you haven’t met your deductible, your HDHP will pay for COVID-19 testing and treatment at no cost to you.
      • New legislation has also been proposed. Representatives Diana DeGette (D-CO) and Donna Shalala (D-FL) have introduced H.R. 6173 to Congress. If passed, health insurers would be required to cover the full cost of COVID-19 tests for any American who has health insurance through their employer, or who purchased a health plan through the ACA exchange. It would also add COVID-19 testing to the ACA preventive care mandate list, meaning that HDHPs would have to cover it without cost-sharing.

For more information from HSA Bank, please visit hsabank.com/specialcommunications.

 


 

Optum Bank has made the changes below that expand qualified medical expenses and access to remote care:

  • Telehealth services
    • High-deductible health plans (HDHPs) with an HSA may provide pre-deductible coverage for telehealth and other remote care services. This provision will last until December 31, 2021 (plan year must begin prior to this date).
  • Certain over-the-counter (OTC) drugs and medications as qualified medical expenses
    • The CARES Act restores the ability to use HSAs, FSAs and HRAs to purchase certain OTC drugs and medications, like aspirin and other pain medications, allergy medication, etc., without a doctor’s prescription.
    • For the first time, menstrual care products are considered qualified medical expenses for payment or reimbursement with an HSA, FSA or HRA.
    • Both provisions for OTC and menstrual products apply to amounts paid or expenses incurred on or after January 1, 2020, and are ongoing without an expiration date.

Please visit www.optum.com/covid-19/health-accounts for the latest developments and regulation changes related to COVID-19 and your health account(s), such as the CARES Act.

 


 

Ameriflex is also following the Coronavirus situation. If you would like to speak with one of their experts, you can visit their website by clicking HERE.

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