The Internal Revenue Service (IRS) has issued Bulletin 2020-15, advising that high-deductible health plans (HDHPs) can pay for 2019 novel coronavirus (COVID-19) related testing and treatment, without jeopardizing their status. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health savings account (HSA). 

Health plans that qualify as HDHP would not lose their status because they are covering the first dollar treatment of the COVID-19 virus. Please note this only applies to HSA eligible HDHPs. 

The notice in its entirety can be found here. 

Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.

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