Sterling Administration October 2020 Accountholder Newsletter

October 2020 Edition

Coronavirus CARES Act Reminders and FAQ

Dear Valued Sterling HSA, FSA and HRA Accountholders,

We hope this newsletter finds you well.

There is a substantial amount of information to digest these days. The federal government has passed new legislation, the Families First Coronavirus Response Act (or FFCRA) and the Coronavirus Aid, Relief, and Economic Security (or “CARES”) Act. The October edition of our newsletter includes FAQs regarding the CARES Act as they relate to HSA, FSA, and HRA plans. We grouped the information into sections based on plan type, so just scroll to the section that applies to you. If you have questions about anything here, feel free to call us at 1-800-617-4729 or send us a message here.

ONLINE ACH PAYMENTS ARE AVAILABLE

A note to all accountholders -- we have online ACH payments available. Especially important during these times, online transactions will be faster than paper checks. Contact us if you need help getting set up.

ONLINE CHAT IS LIVE!

Online chat is now live! We look forward to chatting with you! If you prefer, you can still email us, or call us.

REMINDER TO FSA AND HRA ACCOUNTHOLDERS, CHECK YOUR AVAILABLE BALANCES

As the year is coming to an end, we would like to remind our FSA and HRA accountholders whose plans expire on December 31 to log on and check balances so that you can plan your spending and reimbursement. Log on and click "Statements" then "Year End Statements" to view your balance.

THANK YOU

Thank you for being a Sterling accountholder. If you have any questions or need assistance with your account, please reach out to us.

OCTOBER 15 IS HSA DAY! HSA Day celebrates the power of the HSA, and its ability to help with health-related out-of-pocket expenses, preparing for unexpected healthcare costs, and planning for retirement.

Want On the Go Access?

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Just log on to Sterling's mobile app with the same credentials you use on Sterling’s desktop site, and you’re ready to go! All your Sterling products automatically will load onto your app.

Check balances
Schedule contributions for HSA accounts
Schedule disbursements for HSA/HRA/FSA accounts
Substantiate debit card claims for FSA and HRA
Download tax statements (1099 and 5498)
Download HSA activity statements
Upload claim receipts
COBRA qualified beneficiaries can view account info and payment history

CARES Act and HSAs

Recap of 2020 CARES Act Changes

Does my HSA Cover Covid-19 Testing and Treatment?

The IRS has issued Notice 2020-15 on March 11, 2020, which allows high-deductible health plans (HDHPs) to cover testing and treatment for the COVID-19 virus without a deductible. As an HSA accountholder, this means you can seek coronavirus testing and treatment through your HDHP and pay for it with your HSA funds.

Does the CARES Act Expand the List of Reimbursable Expenses through an HSA? (Over-the-Counter (OTC) Drugs and Menstrual Care Products)

YES! The CARES Act states that consumers can purchase OTC drugs and medicines with funds from their HSA. The Act also includes menstrual products as a qualified medical expense. This provision is effective for purchases and reimbursements of expenses incurred after December 31, 2019.

What Has Changed Regarding Telehealth?

The CARES Act states that "telehealth and other remote care services" below the deductible will be permitted in an HSA-compatible high deductible health plan (HDHP). This provision is effective immediately and will expire December 31, 2021.

CARES Act and FSAs

Recap of 2020 CARES Act Changes

Does the CARES Act Expand the List of Reimbursable Expenses through an FSA? (Over-the-Counter (OTC) Drugs and Menstrual Care Products)

YES! The CARES Act states that consumers can purchase OTC drugs and medicines with funds from their flexible spending accounts (FSA). The Act also includes menstrual products as a qualified medical expense. This provision is effective for purchases and reimbursements of expenses incurred after December 31, 2019. It does not have an expiration date.

Can Dependent Care FSA Participants Who Have Lost Preschool and Childcare Services Due to Facility Closures Reduce Their DCA Elections or Terminate Altogether?

Yes. Participants can stop contributions for their dependent care account elections under these circumstances, as their childcare needs have changed. Contact your employer if you would like to adjust your dependent care election.

CARES Act and HRAs

Recap of 2020 CARES Act Changes

Does the CARES Act Expand the List of Reimbursable Expenses Through an HRA? (Over-the-Counter (OTC) Drugs and Menstrual Care Products)

It depends on how your employer set up your specific HRA. Reimbursable expense rules under an HRA plan vary from employer to employer, so please check with your HR department and review your HRA plan documents. Note, most HRAs do not cover over the counter items.

FSA Store and HSA Store for Eligible Items

Sterling Administration partners with HSA Store and FSA Store, an easy-to-use online shopping platform that takes the guesswork out of what is an eligible purchase with your FSA and HSA plan funds. FSA and HSA Store have 24/7 chat and online help, to assist you with any questions you have.

For a list of FSA-Eligible items, click here.
For a list of HSA-eligible items, click here.

Don't forget to use these valuable coupons when you shop!

HSAs and Medicare

Did you Know? Your HSA Keeps Working After you Retire

Retirees cannot contribute to HSAs after enrolling in Medicare – but they can still use their existing HSA funds. If you don’t use the money in your HSA, you retain it. HSAs are also portable – meaning that when you change jobs or health insurers, you bring your HSA with you – even when you enroll in Medicare.

Learn About HSAs and Medicare

Thank you for being a Sterling accountholder. We are grateful to serve you.