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HealthEquity blog

The CARES Act just made your HSA more powerful

The $2 trillion Coronavirus stimulus bill, called the CARES Act, is making headlines as the largest rescue package in American history. It also includes several provisions that will make a major impact on those with health savings accounts (HSAs), flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs). 

HSA-qualified health plans can cover telemedicine

For plan years beginning on or before December 31, 2021, telemedicine and remote care service expenses can be covered before you meet your deductible, or with reduced or no cost-sharing by your health plan, without making you ineligible for HSA contributions. This is great news amid the Coronavirus pandemic, since you can access a remote physician and not jeopardize HSA eligibility.

Health Equity_Overall Telemedicine

You don't need an RX to get reimbursed for OTC medicine

The CARES Act repeals the prescription requirement for over-the-counter drug and medicine reimbursement. No need to see a physician in order to use tax-free HSA dollars for things like Tylenol, Advil, cough syrup and more.

Menstrual care products now qualify for reimbursement

This is a big win for the 100-million plus women in this country. The CARES Act adds tampons, pads, liners, cups and sponges as qualified medical expenses. Now, you can use tax-free money to buy these important necessities.

Health Equity_Overall OTC Menstrual

 

HealthEquity does not provide legal, tax, financial or medical advice. Always consult a professional when making life-changing decisions.

 

Topics: HSA, tax savings, HSA benefits, CARES Act, Coronavirus

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