A: The newly signed law included the following additional provisions for health care coverage rules:
- Flexible Spending Arrangements,(FSA) and Health Savings Accounts, (HSA). The CARES Act amends the IRS eligible expenses to include:
- Over-the-Counter drugs without a prescription
- Menstrual care products are eligible expenses (no prescription required)
- Effective date is retroactive to include expenses incurred after December 31, 2019.
- FSA and HSA Debit Cards
- Coding of the expanded allowance may take the industry standard systems 30 or more days to update. The merchants will need to update their systems as well.
- Members may submit FSA claims to their respective administrator or reimburse themselves through HSA’s until the debit card systems are updated.
- Telehealth and Qualified High Deducible Health Plans (QHDHP) and Health Savings Accounts (HSA)
- Effective March 27th, a QHDHP can allow telehealth for services in addition to COVID-19 to be covered before the deductible is met, without affecting the plan’s compatibility with HSA’s.
- This law will be in effect for plan years beginning before December 31, 2021.
If you have any questions or would like additional information, please contact your Liberty Advisor.