FSA / HSA Accounts:
As an integral part of the CARES Act Stimulus Bill recently passed, the government has reinstated coverage for Over-the-Counter medications and drugs.
What does this mean to you?
- You can now use your FSA or HSA account to purchase medications and drugs over the counter without a prescription.
- If you have any trouble with the charge going through, don’t worry as this only means the merchant’s system has not yet caught up (allow 4-6 weeks for all merchant systems to reflect these changes) and you can submit the receipt with a paper claim for full reimbursement.
- Even better news, this change is retroactive to January 1, 2020, so you can submit any Over-the-Counter receipts from this date forward with a paper claim form to receive full reimbursement.
- 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 at Nielsen Benefits are working hard to ensure we keep you updated and informed as new information is released as a result of COVID-19 legislature. We understand you are being inundated with mass emails daily and will work to streamline the most important details for you to relay to your employees.
For more information, please contact us at email@example.com or at neilsenbenefits.com.