The Coronavirus Aid, Relief and Economic Security Act
The Coronavirus Aid, Relief and Economic Security Act, or also known as the CARES Act, was passed by congress to help give Americans some relief due to the economic impact that COVID-19 has had on our society. The temporary rules under the CARES Act apply to services provided on or after Jan. 1, 2020, with respect to plan years beginning on or before Dec. 31, 2021.
Additional Qualified Medical Expenses
The CARES Act has added some new items to its list of Qualified Medical Expenses:
- Telehealth / Remote Care Services
- Menstrual Care Products – Tampons, pads, liners, cups, sponges, etc.
- OTC Products & Medications (No prescription needed) – Advil, Tylenol, cough syrup, etc.
Remember to keep copies of your receipts for proof that your purchase was a qualified medical expense. For more information, visit the IRS CARES Act page by clicking here, or consult with a licensed tax-advisor.