On March 27, 2020, President Trump signed the Coronavirus Aid, Relief & Economic Security (CARES) Act into law. This new law provides for $2.2 Trillion in federal funding to offset and address the overwhelming coronavirus pandemic in the United States.
The CARES Act does include provisions that may impact your current Health Insurance Plan. Employers should become familiar with these changes and how they will affect your group’s plan.
Some notable provisions include:
Health FSA’s, HRA’s and HSA’s can pay for over the counter medications without a prescription.
Health Plans must cover COVID-19 preventive services and vaccinations without cost-sharing when these services become available.
High Deductible Health Plans (HDHP’s) can cover telehealth costs and other remote services without these amounts being applied to a deductible.
To read the bill in its entirety, click here.
If you have more questions about the CARES Act and how your coverage might be affected, just ask Davis Dyer Max, Inc.