HDHPs and COVID-19 – Did You Know?
The IRS has advised that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment without jeopardizing their status.
If you have a HDHP that covers these costs, you may continue to contribute to a health savings account (HSA). 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. Any vaccination costs continue to count as preventative care and may be paid for by an HDHP.
This only applies to HSA-eligible HDHPs, please contact your plan administrator if you have any other type of health plan or specific questions about your plan.
Disclaimer: For informational purposes only. Does not constitute legal, financial, or other advice. Consult with an attorney before taking any action.