Do you currently have a Health Savings Account?
Below is some information to inform you of the health-related provisions created as part of the Coronavirus Aid Relief and Economic Security (CARES) Act designed to assist the millions of Americans affected by the COVID-19 outbreak.
First, you should be aware that contributions to your HSA for the 2019 tax year can be made until July 15, 2020.
In addition, health insurance plans may now pay for telehealth and remote care services without first requiring an individual to satisfy a deductible. Such payments will not violate existing HSA requirements, applying to plan years that begin on or before December 31, 2021. The hope is that this will promote diagnosis and treatment while helping individuals avoid in-person contact.
Finally, certain medicines or products do not need to be a ‘prescription’ to be a qualified medical expense for HSA purposes.
Please be sure to consult with your tax advisor to review all of the details of the CARES Act and how it applies to your specific situation.