NJ Executive Order to Extend Insurance Grace Periods
April 10, 2020Annual Home Safety Audit
June 15, 2020On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law. In addition to providing direct financial assistance to Americans, the CARES Act repeals the Medicine Cabinet Tax provision of the Affordable Care Act (ACA), expanding the list of qualifying expenses that can be purchased with health savings accounts (HSAs).
CARES Act and Qualifying Medical Expenses
Under the CARES Act, the definition of a qualifying medical expense now includes certain over-the-counter (OTC) medications and products.
Examples of expenses that are now eligible medical expenses under the CARES Act include, but are not limited to, the following:
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Please note, this list is not all-encompassing. For more information on your medical spending account, please contact your plan administrator.
Source: www.irs.gov/publications/p502/ar02.html#en_US_publink1000178947 and www.congress.gov/bill/116th-congress/senate-bill/3548/text#toc-HC8C9461E6EB94BA89FCB4673D46FDC9F