Included in the Act is a provision reauthorizing the ability of participants in health care FSAs, certain Health Reimbursement Arrangements (HRAs), and health savings accounts (HSAs) to have over-the-counter medications as items eligible for reimbursement without the necessity of a prescription.
Congress has passed, and the President has signed, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) intended to ease the economic impacts stemming from the novel coronavirus disease (COVID-19) outbreak. This legislation includes a significant change for employer-sponsored benefit plans. The legislation removes the prescription requirement for over-the-counter (OTC) drug reimbursements that previously applied to health FSAs, HRAs, and other accident and health plans, as well as to HSAs.
Click Here To find out moreEverybody in the employee benefits field uses acronyms like ALE, MLR, and ACA, but what do these and other employee benefits acronyms stand for?
04/14/2023
Everybody in the employee benefits field uses acronyms like ADA, MSP, and PHI, but what do these and other employee benefits acronyms stand for?
04/14/2023
Everyone in the employee benefits field uses acronyms like CDHC, EAP, and VEBA, but what do they stand for?
04/14/2023
The IRS has issued FAQs that explain when certain costs related to nutrition, wellness, and general health are medical expenses under Code § 213.
04/14/2023
A new wrinkle recently added a potential complication to calculating these deadlines.
04/14/2023