The Most Important Questions about Coronavirus, Health Insurance, & HSAs

While this information is a good summary of things that need to be considered, the best way to keep a firm grasp on your health strategy is by calling your dedicated insurance professional; we are uniquely equipped to guide you through times like these, and there is a lot that we can do for you over the phone.

Q: Is Coronovirus Covered by Health Insurance?

Coronavirus Testing

In terms of testing for the coronavirus, this is covered by almost all individual and family plans as well as Medicare. However, there is limited testing available nationwide, and in order to be covered the test needs to be ordered by your doctor or medical professional.

If you were to become severely ill as a result of the coronavirus, then all medically necessary treatments and procedures would very likely be covered by your policy, through the out-of-pocket costs will depend on your coverage details. Unfortunately, even during something like COVID-19 you are expected to pay your deductible.

Coronavirus Vaccine

There is currently no vaccine available for the coronavirus. If one were to be released, it would very likely be covered by the preventative care services under your insurance policy. Medicare customers would likely be able to access the vaccine through Part D. We will be keeping all of our clients updated about any progress on this front.

Q: What About Health Sharing Programs?

If you have recently lost your employer-sponsored insurance, then a health care cost sharing program might be a viable way to stay covered through the pandemic.

Q: How Will my HSA be Affected?

Recently, the IRS extended the 2019 HSA contribution deadline by a full 90 days. That is three more months to increase your annual tax deduction, meaning there is still plenty of time to get it done.

When it comes to COVID-19, your HSA can be used to pay for the costs of testing or treatment, but it is important to find out whether or not these services and treatments are already covered by your high deductible plan, which they likely are. After all, there’s no reason to dip into your HSA now if you don’t need to.

However there are some out-of-pocket medical costs that are perfect for HSA spending, such as thermometers, lozenges, and other symptom-targeted equipment and medications that you might require if you get sick.

Q: What Do I Do if I Start Feeling Sick?

If you are starting to feel the symptoms of coronavirus (fever, headaches, loss of taste / smell) then you should contact your doctor immediately. This is not going to be a burden for them, but rather a critical opportunity to determine whether or not you need to be tested. This kind of screening can usually be done over the phone or computer, and is an important part of managing regional outbreaks.

If you fall ill with something other than coronavirus, then it is important to pursue medical attention just as you would in normal conditions. Ignoring severe illness doesn’t serve you or the medical professionals, who would greatly prefer a stitch in time to nine, so to speak.

We’re Here for You, & For More than Just Insurance

To borrow a maxim that is perhaps truer than ever before, there has never been a better time to give us a call and talk strategy.

Click here to schedule an appointment, or call 800-913-0172 to get started.    

To your health and wealth,

Wiley P. Long, III
President - HSA for America

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