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Alight Solutions is a leading provider of integrated benefits, payroll and cloud solutions. With more than 15,000 professionals across 29 countries, Alight provides leading-edge benefits administration and ERP technology and services to more than 3,250 clients including 50% of the Fortune 500. Alight’s combination of data-driven insights and technology expertise creates unique value for clients. Alight is a six-time member of IAOP’s Global Outsourcing 100. Learn how Alight drives better business outcomes and employee wellbeing for organizations of all sizes at alight.com.
The (CARES) Act, signed into law on Friday, March 27, 2020, includes numerous provisions that will impact U.S. employers. Additional detail can be found in Alight’s Coronavirus Aid, Relief, and Economic Security (CARES) Act update. This posting summarizes the provisions that impact account-based plans.
High deductible health plans (HDHPs) to temporarily cover telehealth services “pre-deductible” without disqualifying the participant from contributing to a Health Savings Account (HSA).
Account-based plans (HSAs, healthcare FSAs, HRAs and MSAs) to cover over-the-counter medical products without a prescription. This reverses a previous Affordable Care Act (ACA) exclusion.
Account-based plans (HSAs, healthcare FSAs, HRAs and MSAs) to cover menstrual care products.
Reimbursement of student loan payments under Qualified Educational Assistance Programs, as long as the payment is made before January 1, 2021.
Because the deadline for filing 2019 federal income tax returns is now July 15, 2020, individuals are permitted to make contributions to their HSA for 2019 until that same date (July 15, 2020).
HDHPs can cover COVID-19 testing and treatment “pre-deductible” without disqualifying the participant from contributing to an HSA.