Lively, our health savings account provider for the Alliance Health Plan, has put together some useful resources to help you stay on top of, and make sense of, the rapidly changing laws and regulations around COVID-19. Here are the details from Lively as they relate to your HSA and how it’s being affected by new legislation.
CARES Act Introduces New HSA-Eligible Items
As part of the new Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) signed into law on March 27th, telemedicine, over-the-counter medical products, and feminine care products are now considered eligible. Read more
2019 HSA Contribution Deadline Extended to July 15, 2020
The federal HSA contribution deadline has been extended from April 15, 2020 to July 15, 2020. This extension follows Notice 2020-18, in which the Treasury Department and the Internal Revenue Service (IRS) announced special Federal income tax return filing and payment relief in response to the ongoing novel coronavirus (COVID-19) pandemic. Read more
COVID-19 Testing Covered by HDHPs Pre-Deductible
With increased COVID-19 testing and confirmed cases growing, Americans with High-Deductible Health Plans (HDHPs) are worried they’ll face high out-of-pocket costs from deductibles, copays, or coinsurance as a result of the virus. IRS Notice 2020-15 has clarified this, as it relates to HDHPs. Read more
Lively would also like to remind everyone that they are open for business! They say that while they are doing their part and social distancing to prevent the spread of COVID-19, they are still fully operational. If you have any questions or concerns regarding your HSA, don’t hesitate to contact Lively by emailing email@example.com.