The Coronavirus Aid, Relief and Economic Security (CARES) Act will hopefully provide quick relief to the U.S. economy, but how does it affect healthcare, specifically? What are the implications for healthcare providers and recipients during the COVID-19 pandemic?
The recently passed act has added support for providers and patients, even if most provisions are temporary. Flexibility has been increased by lifting certain administrative barriers to help ensure that appropriate treatment can be provided, in the right location, and by a broader range of providers.
The law has authorized grant programs to support and expand various services, particularly with a focus on virtual care. Telehealth flexibility increases access to care and allows providers to reach many more people remotely, while simultaneously keeping providers and patients safe by avoiding exposure to others. Expanded telehealth services have been extended to Medicare recipients, in addition to increased coverage for treatment and services related to the virus.
Health savings account owners have also been included in the effort to eliminate potential barriers to COVID-19 treatment. Eligible individuals who are insured by a high deductible health plan (HDHP) under the Internal Revenue Code may still qualify to make tax-favored contributions to a health savings account (HSA)—even if they receive COVID-19 testing or treatment prior to satisfying the minimum deductible. That is, requirements with respect to minimum deductibles and maximum out-of-pocket expenses are considered maintained.
HFG Trust and Community First Bank are here to support our clients and the community in this unprecedented time. Please reach out to us. We’re in this together. After all, if we don’t have our health, we don’t have anything.