IRS Allows High-Deductible Health Plans; The Internal Revenue Service (IRS) confirms that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without risking their status. The agency further states that those individuals who have a high-deductible health plan (HDHP) covering the costs on coronavirus diagnosis and treatment may contribute to a health savings account (HSA). With this news regarding IRS aid for coronavirus victims in the United States, it is well-clear that the agency is facilitating taxpayers throughout the journey during taxation period 2020. Taxpayers can get relax regarding high-deductible terms throughout COVID-19 testing and treatment in USA.
IRS issues Guidance related to Coronavirus High Deductible Health Plans
The IRS waives costs on high-deductible health plans (HDHPs) related to coronavirus testing and treatment in the United States. In this regard, the agency issued additional guidance in the form of Notice 2020-15 (PDF). As per the additional guidance on COVID health plans deductions, those health plans that otherwise meet the requirements as HDHPs will not lose that status simply since they cover the cost of testing for or treatment of COVID-19 before plan deductibles have been met. The agency further reminded that any vaccination costs keep on to count as preventive care and can be paid for by an HDHP, as it used to happen in past.
Who is Eligible for High-Deductible Health Plans of Coronavirus?
HSA-eligible HDHPs are qualified to get waivers on high-deductible health plans (HDHPs) related to coronavirus testing, diagnosis and treatment in the United States. However, employees with additional taxpayers in any other category of health plan with particular questions concerning their own plan and what it covers should contact their plan. You can also request callback to Black Ink representative to know high-deductible health plans as well as other deductions that can help you in minimizing your tax bill for 2020. So that was all you need to know about IRS Allows High-Deductible Health Plans.
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