HSA COVID-19 Updates
Impacts on HSA
The deadline for 2020 federal income tax return filings and income tax payments has been extended to May 17, 2021. This extension also includes the ability for eligible individuals to make 2020 HSA contributions until May 17, 2021.
Personal Protective Equipment (PPE)
IRS Announcement 2017-07 extended the list of qualified medical expenses for certain accounts to include PPE and we're making updates to extend these provisions to you.
What does this mean for you?
Starting March 26, 2021
When you purchase face masks, hand sanitizer and sanitizing wipes for the primary use in preventing the spread of coronavirus directly with funds from your health account, those purchases are now tax-free.
Members may also submit receipts for reimbursement of PPE expenses paid for with personal funds.
Telehealth
Receive long-distance patient/clinician care, advice and education from the comfort of your own home without impacting your HSA eligibility.
What does this mean for you?
Starting March 27, 2020
The CARES Act provides reimbursement for services for “telehealth and other remote care services” below the deductible and will be permitted in an HSA-compatible high deductible health plan (HDHP).
Effective immediately, HSA-qualified health plans can (but are not required to) cover telemedicine and remote care services before an HSA participant meets their deductible.
This provision applies to plan years beginning on or before December 31, 2021, or any plan year beginning after March 31, 2022 and before January 1, 2023.
Over-the-counter drugs, medicines and menstrual care products
The CARES Act includes a provision that allows members to use health account funds to pay for over-the-counter (OTC) medications without a prescription.
What does this mean for you?
Starting January 1, 2020
Effective immediately, HSA-qualified health plans can (but are not required to) cover telemedicine and remote care services before an HSA participant meets their deductible.
Previously, OTC medications required a prescription to be considered a qualified medical expense. Under the new rule, OTC medications and drugs may be purchased using HSA, FSA or HRA funds without a prescription from a doctor.
Menstrual care
The CARES Act extended the list of HSA-, HRA- and FSA-qualified expenses to include menstrual care products. We're making updates to extend these provisions to you.
What does this mean for you?
Starting January 1, 2020
Because women can now purchase menstrual care products directly with health account funds, they can save money on taxes and use their regular income on other necessities.
Frequently Asked Questions
There have been a lot of changes during this past month as the nation deals with COVID-19. This list will hopefully help you find the answers you need regarding your health account.
Still have questions? Contact us