The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on Friday. This CARES Act contains an important provision that will affect HSAs, HRAs, and FSAs.
- FSAs, HRAs, and HSAs can now reimburse or pay for over-the-counter drugs and medicines without a note of medical necessity or prescription from a physician.
- Menstrual care products are now considered a qualified medical expense and are eligible for reimbursement or payment through an FSA, HRA, or HSA. Any expense incurred after 12/31/2019 will qualify. As of now, this provision has no expiration date.
- A high-deductible health plan (HDHP) with a health savings account (HSA) will be allowed to cover telehealth services prior to an individual reaching the deductible, for plan years beginning on or before December 31, 2021. This allows HDHP participants to receive first dollar coverage for telehealth and other remote care services without disqualifying them from being eligible to contribute to a health savings account (HSA).
We are currently working on updating our health care plan eligible expense lists, as appropriate, and developing further guidance to help address these changes.
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