Filed under: CARES Act, Combs & Company, Covid-19, Disaster Relief, Health Insurance, Insurance 101 | Tags: CARES Act, Chelsea Whalley, Combs & Company, Covid-19, Disaster Relief, J Donovan Financial
Curious how the CARES Act will impact Employer Health Plans? Check out this great video from colleague, Chelsea Whalley of J Donovan Financial.
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief and Economic Security Act (CARES Act) into law to provide $2.2 trillion in federal funding to address the COVID-19 crisis. The CARES Act makes a variety of changes affecting health plans. These changes include:
1. Expanding the types of coronavirus testing that all health plans and health insurance issuers must cover without cost-sharing (such as deductibles, copayments or coinsurance) or prior authorization
2. Accelerating the process that will require health plans and issuers to cover preventive services and vaccines related to COVID-19
3. Allowing telehealth and other remote care services to be covered under a high deductible health plan (HDHP) before the deductible is met, without affecting the HDHP’s compatibility with health savings accounts (HSAs) (applicable for HDHP plan years beginning on or before Dec. 31, 2021)
4. Treating over-the-counter (OTC) medications, along with menstrual care products, as qualified medical expenses that may be paid for using HSAs or other tax-advantaged arrangements, such as health flexible spending accounts (FSAs) or health reimbursement arrangements (HRAs)
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