In the coming weeks and months, your clients will likely have questions about the financial implications of coronavirus (COVID-19). A new event in CCH Axcess iQ is now available to help you provide coronavirus guidance to your clients. Let’s discuss how HSA High-Deductible Health Plans (HDHPs) can cover coronavirus costs.
The IRS has provided emergency relief for HSAs and HDHPs that have removed barriers for testing and treatment of the coronavirus (COVID-19). Under this new relief, health plans that otherwise would qualify as HDHPs will not lose that status if they cover the cost of testing for or treatment of COVID-19 before plan deductibles have been met.
High Deductible Health Plan Information
HDHP requirements satisfied for COVID-19. Firms now can continue year-long conversations regarding health plans such as an HDHP. The recent coronavirus guidance ensures that HDHP’s will not fail to be an HDHP merely because the health plan covers medical care services and items purchased related to testing for COVID-19 prior to the satisfaction of the applicable minimum deductible.
Conversations around coronavirus and HSA plans can start as soon as you and your clients are ready.
Individuals covered by such a plan will not fail to be eligible individuals because of the provision of health benefits and testing and treatment of COVID-19. This relief also provides flexibility to HDHP’s to provide health benefits.
Advise your clients more efficiently. Learn how CCH Axcess iQ can help you identify clients affected by recent coronavirus guidance. Contact a Solutions Consultant or register for a demonstration today.
Wolters Kluwer is right by your side to help you stay up to date with tax and compliance changes and support your ability to work remotely. Please visit our Coronavirus (COVID-19) Resource Page for Tax & Accounting Professionals.