This year has forced a lot of us into uncharted territory. Between job changes, financial uncertainty, and the anxiety that comes with a global pandemic, it’s safe to say we’re all feeling a little unsure.
This year has forced a lot of us into uncharted territory. Between job changes, financial uncertainty, and the anxiety that comes with a global pandemic, it’s safe to say we’re all feeling a little unsure. To help ease some of those anxieties, we want to share with you how your Health Savings Account (HSA) can support you in ways you maybe didn’t know about!
While a lot of cities and states have free testing locations and insurance is picking up the tab, you might find that your test has a copay or other associated costs. If you want to get an at-home COVID-19 test instead, it’s absolutely a qualified medical expense! So if your HSA has been sitting unused during all of this, now is the time to use it. Getting tested when you think you might have been exposed to the virus is so important to protect those around you.
If COVID-19 has affected your job, and therefore your health insurance, you might be using (or considering using) COBRA to extend the coverage you were receiving. Did you know that you can use your HSA to pay for COBRA premiums? Well, it’s true! If you have HSA funds to use, this is the time. COBRA premiums tend to be more expensive because you’re footing the entire bill without an employer’s help. Take advantage of your hard work and those savings you’ve set aside to take care of your health. Additionally, your HSA can also cover insurance premiums outside of COBRA while you’re receiving state or federal unemployment benefits. Learn more about HSAs and your job from our in-depth guide.
Under the CARES Act passed in March of this year, HDHPs can cover telehealth and other remote care services before participants have met their deductible. Typically, HDHPs can't offer first-dollar coverage beyond preventative health, so this is a great win! Additionally, your insurer may cover more of the cost than normal for telehealth services not related to COVID-19, so your copay is lower and you can still use your HSA to take care of these costs. This includes mental health services like seeing a psychiatrist or psychologist for medication or therapy! Long story long, instead of going straight to the doctor’s office where your chance of COVID-19 exposure is higher, you can take care of yourself virtually right in the comfort of your own home! If you’re not sure where to start when looking for virtual providers, our shop is a great place to start.
A lot of folks have traded in their commute to the office for new work from home desks during COVID-19, maybe even permanently. Unfortunately, this brings up a lot of physical pain you might not have previously experienced while working from an office. Without solid equipment, previously unknown back problems may occur, leaving you in pain and exhausted from sitting and staring at your screen all day. If it becomes enough of an issue, consult your doctor. They could write a Letter of Medical Necessity for a better office chair or desk. As long as your diagnosis and required equipment is on the letter, you can use HSA dollars to have it covered.
Now that grocery stores and drugstores are no longer being cleaned out of cold meds and thermometers, it never hurts to be prepared. If you want to have things in line in the event that you or a loved one comes down with COVID-19, your HSA can help. To err on the side of caution, you can purchase thermometers, vaporizers, nasal irrigation tools, over-the-counter medications, and more with your HSA dollars. While none of these are cures or antidotes to COVID-19, they can help ease the discomfort you may feel while sick. Check out what else is HSA-eligible on this comprehensive list..
Your HSA is a versatile and important tool for making it through these unprecedented times (tired of hearing that phrase yet?). If money or insurance is a roadblock to you getting the care you need, step back and see if your HSA can help. And even if you don’t have enough money in your HSA to take care of it now, you can save your receipts and be reimbursed for the out-of-pocket expenses in the future. If 2020 has taught us anything, it’s that literally anything can happen no matter how prepared or unprepared you are. So let’s work on being prepared, together. We got this.