Yesterday we talked about the CARES Act, focusing on the Economic Relief Rebate. Today we’re going to briefly cover two other financial implications of COVID19.

First, a great graphic illustrating the rebate amounts vs AGI is hosted by the Tax Foundation.

Second, separate from the CARES Act, the IRS has stated as of a notice on March 11th, that HSA-eligible High Deductible Health Plans (HDHPs) may choose to cover COVID19 related expenses for their participants, starting at dollar zero, without violating their HDHP status. Otherwise known as you don’t have to fulfill your deductible to receive testing or treatment for COVID19, if your health insurance provider so chooses. The goal is to have Americans not avoid being tested and treated due to expense, as the cultural implications and expense of having people avoid testing and continue to spread the disease are seen as far outweighing the costs of individuals; that’s what a pandemic is all about. However, your health insurance provider has to choose to cover COVID19 at dollar zero, so that’s a discussion you need to be having with HR.

We’re now in the first day of Minnesota’s Stay At Home order. I wish all of you at home a great day with your family; and to those out and about due to being part of the essential services – thank you for all you are doing for your communities.