On March 27, 2020, the federal government passed and signed into law the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, that includes a wide-ranging set of emergency funds and relief provisions for businesses and individuals experiencing hardships as a result of the COVID-19 pandemic. The CARES Act is an impactful piece of legislation designed to stimulate the economy and provide economic and health care related relief to individuals and employers. The purpose of the act is to address certain issues pertaining to the Coronavirus and the U.S. economy.The CARES Act has a number of provisions ranging from extending certain tax payment deadlines to revising payment rates for durable medical equipment under the medicare program.One of the major changes enacted by the CARES Act is the recognition of menstrual care products as medical care. This federal law expands how you can use your Medical Flexible Spending Arrangement (FSA) and Health Savings Account (HSA) funds. the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and for the purpose of affecting any part or function of the body. This information is generally provided on a grocery or drug store receipt.The CARES Act was officially signed into law on March 27, 2020. Under the law, menstrual care products are defined as tampons, pads, liners, cups, sponges or other similar items used in respect to menstruation.In addition, Over the Counter (OTC) medications are now also reimbursable without a prescription or doctor’s note. The recent passage of the CARES Act, however, has brought relief by permanently restoring over-the-counter medications as qualified medical expenses effective January 1, 2020. If an individual has an HSA and an HRA at the same time, they must exhaust their HSA funds first before using their HRA to be reimbursed for these items.The CARES Act is an impactful piece of legislation designed to stimulate the economy and provide economic and health care related relief to individuals and employers. The documentation should include the date the item was purchased, the cost of the item, and a description of the item. Several of the provisions … They include the costs of equipment, supplies, and diagnostic devices needed for these purposes. The bill has expanded the use of HRAs, HSAs, and FSAs allowing employees enrolled in these benefits to best utilize their funds.This is a major win for both employees and employers at organizations utilizing these types of benefits. Connect with a OneDigital expert today! "The term “medical care" means amounts paid— for the diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body." Posted by Andrew Kaiser on April 6, 2020. The CARES Act also expands the list of qualified healthcare expenses for purchase with a Flexible Spending Account (FSA), Health Savings Account (HSA), and Health Reimbursement Arrangement (HRA). The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), is a bill passed by the U.S. federal government on March 27, 2020. Since the passage of the Affordable Care Act (ACA), many employers and participants have bemoaned the elimination of over-the-counter (OTC) medications as qualified medical expenses for It has been nearly 10 years since participants have had access to OTC medications without a prescription through their pre-tax contributions to FSAs, HSAs, HRAs, and MSAs.
The bill has expanded the use of HRAs, HSAs, and FSAs allowing employees enrolled in these benefits to best utilize their funds. They are designed to fill "gaps" in the average diet, and maybe offset minor nutritional deficiencies along the way -- yes, even those related to larger health problems. Do you remember which OTC medications your consumer account can and cannot reimburse as a qualified medical expense? While this seems straightforward, vitamins are a prime example of a product that can be considered necessary for "general health" or is considered "dual purpose."