The COVID-19 pandemic has prompted the Internal Revenue Service to make several changes to Health Savings Accounts. Here are the details:

2019 Contributions Extended – You have until July 15 to make prior year contributions to your 2019 HSA. If you would like to contribute to your account, it must be post marked by the 15th.  Contact Liza Trant to get a form to increase your contribution.

5498 SA Form Delayed – The 5498 SA form typically sent out in May is delayed until late August. This form reports total contributions deposited into your account.  This form needs to be retained with your tax documents for 2019.

Over The Counter Okay for 2020, With A Catch –For all of 2020, you can use your Heath Savings Account debit card to buy over-the-counter medications without a prescription, such as pain relievers, heartburn medications, allergy relief, and more. Cards can only be used at stores that have a pharmacy; the debit card may not work at gas stations or discount stores. For a complete list of eligible purchases, please click here.