Many people are aware that the date for filing your taxes and making IRA contributions for the 2019 tax year has been moved to July 15, 2020. We wanted to be sure that our customers were aware that the same is true for the 2019 tax year for Health Savings Account (HSA) contributions.
There are some other health-related provisions created by the Coronavirus Aid Relief and Economic Security (CARES) Act, with more likely to come, as additional relief programs are being considered by Congress. The CARES Act includes the following benefits:
- Contributions to HSAs for the 2019 tax year can be made until July 15, 2020.
- Health insurance plans can pay for telehealth and remote care services without first requiring the individual to satisfy a deductible, and this will not violate existing HSA requirements, provided the HSA plan year begins on or before December 31, 2021.
- In addition, certain medicines or products that are not prescribed are now qualified expenses for HSAs.
Please be sure to consult with your tax advisor to review all of the details of the CARES Act and how it applies to your specific situation.