When the CARES Act was signed into law earlier this year, it included new regulations for Health Savings Accounts (HSAs), as well as Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs).
Here are some of the highlights:
- COVID-19 testing and treatment can be covered pre-deductible without losing your HSA-compatibility status.
- Telehealth services now may be covered pre-deductible when using a High Deductible Health Plan. (This provision is scheduled to expire on Dec. 31, 2021.)
- Over-the-counter medicines are permanently eligible for reimbursement from an HSA, FSA or HRA (beginning with expenses paid on or after Jan. 1, 2020).
- Menstrual products and feminine-hygiene products are permanently eligible for reimbursement from an HSA, FSA or HRA (beginning with expenses paid on or after Jan. 1, 2020).
As always, you should refer to your specific plan to determine what eligibility applies to you and your family as it relates to COVID-19 testing and treatment, particularly with telehealth services.
With many recent changes to HSAs, we know you may have questions. Your Old National Relationship Manager is always here to help. Let us know how we can assist you and your clients.
Copyright © 2020 ONB