Wednesday, March 18, 2020

Can my Health Savings Account (HSA) covers my Novel Coronavirus (COVID-19) testing expenses?

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COVID-19 Testing and treatment cost
According to the IRS, and taking into consideration that most corporate high deductible plans differ from others, you could be able to use your health savings account (HSA) account to pay for these testing and treatment expenses.  This also means that an individual with a High Deductible Health Plan (HDHP) can cover these costs.

The IRS said that health plans that otherwise qualify as HDHPs will not lose that status merely because they cover the cost of testing for or treatment of COVID-19 before plan deductibles have been met. 

As in the past, any vaccination costs continue to count as preventive care and can be paid for by an HDHP.

Today's notice applies only to HSA-eligible HDHPs. Employees and other taxpayers in any other type of health plan with specific questions about their own plan and what it covers should contact their Plan Administrator.  Source IRS.gov

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