On Friday, March 27, 2020—after days of debate—the president authorised a $2 trillion financial rescue package deal designed to offer monetary help to Individuals and their households, and billions of {dollars} in loans for companies. The package deal is the biggest fiscal stimulus in trendy U.S. historical past and is the federal government’s most up-to-date response to coronavirus illness 2019 (COVID-19).
The invoice is greater than 880 pages in size, and many of the invoice focuses on monetary help to people and companies. Click here for a complete overview of the stimulus package.
There are, nevertheless, just a few welcomed enhancements to worker profit plans:
Part 3701. Well being Financial savings Accounts for Telehealth Providers
This part permits a high-deductible well being plan (HDHP) with a well being financial savings account (HSA) to cowl telehealth providers previous to a affected person reaching the deductible, growing entry for sufferers who could have the COVID-19 virus and defending different sufferers from potential publicity. This provision will final till December 31, 2021.
Part 3702. Over-the-Counter Medical Merchandise with out Prescription
This part permits sufferers to make use of funds in HSAs and Versatile Spending Accounts for the acquisition of over-the-counter medical merchandise, together with these wanted in quarantine and social distancing, and not using a prescription from a doctor. Beneath this part menstrual care merchandise are actually thought-about a professional medical expense and are eligible for fee or reimbursement by way of an FSA, HRA or HSA. All bills incurred after December 31, 2019 qualify.
Scott Profit Providers has been lobbying Congress for these enhancements for a while, and we’re excited to see them make their method into the CARES Act.
