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Excerpt

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. This includes many provisions for relief for businesses, individuals, and organizations. While we are being very attentive to how these provisions apply or affect us as an organization, we wanted to list a few highlighted changes that relate specifically to Reliant's offered insurance and employment benefits.

Please seek consultation from a tax advisor if you have specific questions about the impact the CARES Act will have on your tax situation. 


UI Expand
titleCOVID-19 Specific Medical Care

Many of the provisions laid out in the CARES Act were already put into place by our insurance carriers prior to the law. Please see COVID-19 Insurance Coverage Details for full information specific to your insurance coverage. 


UI Expand
titleExpanded Qualified Medical Expense Definitions for HSA Reimbursement
  • Repeals a rule enacted under the Affordable Care Act that prohibited over-the-counter medicines and drugs, other than insulin, from being qualified medical expenses without a prescription. For expenses incurred after December 31, 2019, participants may utilize HSA funds to cover over-the-counter medicines and drugs (e.g., ibuprofen, cold medicines), without a prescription.
  • HSA funds may be used to purchase certain menstrual care products (e.g., pads and tampons) on a tax-favored basis. These products will be treated as qualified medical expenses under the new legislation. This change applies to expenses incurred after December 31, 2019. 


UI Expand
titleCOVID-19 Family Leave Provisions

Reliant has already established a generous leave policy for coronavirus-related missed work. Please see Coronavirus Policies & Updates for full information. 

References:

The CARES Act Becomes Law

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Additional Resources:

What the CARES Act Means for Churches and Church Staff _ Church Law & Tax.pdf

The CARES Act: What Employers Need to Know About the Historic Stimulus Package

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