Updated Monday 3/30/2020 3:07pm CST

On Friday afternoon, President Trump signed the third stimulus package into law – Coronavirus Aid, Relief, and Economic Security (CARES) Act. The law provides relief of over $2 trillion in federal funding to businesses as well as individuals in the form of small business loans and tax credits, expansion of unemployment benefits, and individual checks to taxpayers, to name a few. It is the third law implemented in three weeks to address needs related to COVID-19.

To read an initial summary of the stimulus package, including provisions for businesses and individuals, loans and tax credits available to small businesses, expansion of unemployment benefits, and other overviews, view our insights brief below.

Download Our CARES Act Initial Summary

From an employee benefits perspective, the law includes health plan provisions that allow individuals to be reimbursed tax-free for over-the-counter medications without a prescription from their Flexible Spending Account, Health Reimbursement Arrangements, and Health Savings Account (HSA) funds. Additionally, telehealth services can be covered prior to meeting the deductible of a high deductible health plan without disrupting a plan participant’s HSA-eligibility.

Our Bulletin below contains a summary of these health plan provisions including COVID-19 tests, HSA eligibility for telehealth coverage, and over-the-counter medication reimbursements.

Download Our CARES Act Health Plan Bulletin

 

Check out our COVID-19 Resource Center for more resources and information.