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Home Tax News

High-deductible health plans for 2019 Coronavirus (COVID-19)

by Prashant Thakur
March 18, 2020
in Tax News
0

The Internal Revenue Service today advised that an individual with an HDHP or high-deductible health plans, may continue to contribute to a health savings account (HSA) can pay for 2019 Coronavirus (COVID-19)-related testing and treatment, without jeopardising their status.

In Notice 2020-15 (PDF), the IRS informed that health plans that otherwise qualify as HDHPs will not lose that status merely because they cover the cost of testing for or treatment of Coronavirus before plan deductibles have been met.

The IRS also noted that any vaccination costs continue to count as preventive care and can be paid for by an HDHP.Today’s notice applies only to HSA-eligible HDHPs.

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While the information on this site  - Internal Revenue Code Simplified-is about legal issues, it is not legal advice or legal representation. Because of the rapidly changing nature of the law and our reliance upon outside sources, we make no warranty or guarantee of the accuracy or reliability of information contained herein.

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