COVID-19 Updates. Unwavering support.
The safety and well-being of our employees, customers, and partners is HSA Bank’s top priority. We’re actively monitoring the coronavirus disease 2019 (COVID-19) pandemic, and following advice from the Centers for Disease Control and Prevention (CDC) and local health officials.
We’re diligently working to ensure continued access to your account information and our services. We have remote work capabilities that will keep our operations running should this pandemic become more widespread.
Our Client Assistance Center is currently available 24 hours a day, 7 days a week at 1-800-357-6246. Additionally, we offer click-to-chat during our standard business hours of 8:30 a.m. to 5 p.m. CT, Monday through Friday. And whether you're at the pharmacy or home with a sick child, our HSA Bank Mobile App offers easy access to account information and funds.
Please visit this page for ongoing updates as they become available.
NEWS AND INFORMATION
IRS tax filing deadline extended
The Internal Revenue Service has extended the filing deadline for federal tax returns from April 15 to July 15, 2020 due to the COVID-19 outbreak. For details, visit IRS Coronavirus Tax Relief.
2019 HSA contribution deadline
If you have a Health Savings Account (HSA), you may be able to make 2019 HSA contributions up to the federal tax filing deadline of July 15. However, state tax filing and payment deadlines may vary. If your state’s tax filing deadline is earlier than the federal deadline, please check with your state agency or tax advisor for details on prior-year contributions. More information is available at https://www.taxadmin.org/state-tax-agencies.
The 2019 HSA contribution maximum is $3,500 for individual coverage and $7,000 for family coverage. You may contribute an additional $1,000 if you are 55 or older.
If you already filed your taxes but would still like to make an HSA contribution for 2019, you can file an amended state and federal tax return.
CARES Act removes HSA limitations
The new CARES Act ensures you can use your HSA or FSA on hundreds of over-the-counter products like cold and flu medications without a prescription. Plus, you can access telemedicine without jeopardizing the status of your HDHP.
Click here for more information on CARES Act changes.
IRS Form 5498-SA
Similar to previous years, the 5498-SA form will be delivered in May 2020, allowing any contributions made in 2020 for 2019 to be included. (If you make additional HSA contributions for 2019 after the 5498-SA is issued, you will receive an updated 5498-SA.) Please note this form is informational only and does not need to be filed with your income tax return.
Using your HSA to pay for COVID-19 expenses
On March 11, 2020, the IRS issued a notice that COVID-19 testing and treatment may be covered by HSA-eligible high-deductible health plans (HDHPs) before plan deductibles are met. Additionally, as before, medical testing and treatment can be paid for with an HSA.
Click here for more information on IRS-qualified medical expenses.
Employee Benefits Security Administration’s Disaster Relief Notice Extends Deadlines for COBRA
This recent IRS and Department of Labor joint rule provides guidance extending multiple COBRA deadlines including election, qualifying event notification, payment, and more. It also extends several Healthcare Flexible Spending Account and Health Reimbursement Arrangement deadlines including a use-or-lose extension, extension of runout period, and extension of appeals period.
This joint rule is applicable to plans with start dates in 2019. These deadline extensions are retroactive to March 1, 2020 and will end 60 days after the end of the outbreak period, or when the national emergency is declared over.
Additional IRS Guidance on FSA and HRA Plan Extensions
IRS Notice 2020-29 allows for the optional change of plan elections for Healthcare Flexible Spending Accounts, Health Reimbursement Arrangements and Dependent Care Flexible Spending Accounts and also extends the grace period for plans with effective dates in 2020.
Increase to FSA Rollover Amounts
IRS Notice 2020-33 increases the HC-FSA rollover maximum from $500 to $550 from 2020 to 2021. In response, we are updating the platform to increase the rollover amount maximum to $550 in 2020.
Save on healthcare expenses
We want to help you save. HSA Bank partners with GoodRx, ZendyHealth, HSA Store, and others so that you can shop around for lower prices on healthcare items and services. Visit our Healthcare Decision Tools page to see all partnerships. Or save $5 instantly* when you buy IRS-eligible healthcare items from the HSA Store with code TPBC5. See their list of HSA-eligible products you may find beneficial for virus preparedness.
Find a health insurance plan
If you’re not covered by your employer’s health insurance plan, visit eHealth to find a short-term or an individual health insurance plan. Search a variety of carriers, get a free quote, or talk to a licensed agent to confidently select the plan that best fits your needs.
Plan your healthcare savings
Take the guesswork out of planning for future expenses or how much you should set aside to reach your savings goals. Use tools such as our HSA Savings Calculator and HSA Contribution Calculator. See all calculators here.
Simplify and reduce your medical bills
To help those who’ve already experienced a healthcare expense, a Medical Cost Advocate expert could help you save 20 – 50% on your medical bills or set up a payment plan. Visit Medical Cost Advocate to learn how you can get help managing medical costs and paperwork.
American Red Cross safety and readiness tips
The American Red Cross recommends individuals 1) disinfect surfaces around their home and work, 2) wash their hands for at least 20 seconds, and 3) use a tissue to cover their mouth when sneezing or coughing. If a tissue isn’t available, they should cough or sneeze into their elbow or sleeve, not their hands. These simple steps can help prevent the spread of COVID-19. For tips on the best way to wash your hands, check out this demonstration by Dr. Oz, who recommends focusing on getting your fingers clean. Click here for additional tips from the American Red Cross.
Be aware of phishing scams
While there’s an increase in malicious phishing attempts referencing COVID-19, HSA Bank recommends the following quick tips to keep your financial and personal information safe:
Don’t click on links in unsolicited emails or open any email attachments.
Always hover over a URL and then go directly to the legitimate website to confirm authenticity. Certificate “errors” can be a warning sign that something is not right with the website. Many of the scam emails we’ve identified appear to be coming from the World Health Organization, the CDC, and Johns Hopkins University. Also, don’t click on links sent to your phone or in social media postings.
Always confirm information is coming from trusted sources, such as legitimate government websites.
Never respond to email solicitations for personal or financial information
Always verify a charity’s authenticity before making any donations.
Be wary of emails that display a sense of urgency or use fear tactics.
For additional tips, visit the Federal Trade Commission website.