FSA and HSA Participants
The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed on March 27, 2020. This federal law expands how employees can use their Medical Flexible Spending Arrangement (FSA) and Health Savings Account (HSA) funds.
Here’s an overview of what changed:
- The CARES Act removes the requirement that you must have a prescription for over-the-counter (OTC) drugs in order to use Medical FSA or HSA funds for these expenses. OTC drugs include cold medicines, anti-inflammatories, and other products. This change is retroactive to January 1, 2020 and has no expiration date. Keep in mind that the IRS stockpiling rule is still in effect. If you buy more than three identical products in one transaction, you will not be reimbursed.
- You can now buy menstrual care products using your Medical FSA funds. This includes pads, tampons, cups, and other similar products. This change is retroactive to January 1, 2020 and has no expiration date.
- If you’re enrolled in a high-deductible health plan (HDHP), including consumer-directed health plans (CDHP), the deductible and coinsurance are waived for COVID-19 testing and treatment for telehealth services. Contact your plan for more information about your benefits. This provision began on March 27, 2020 and expires December 31, 2021.
Navia Benefit Solutions posted CARES Act FAQs.
HealthEquity created a member hub about the CARES Act for employees.
This plan allows you to set aside pretax money from your paycheck to help pay for qualifying child care or elder care expenses.
This plan allows you to set aside pretax money from your paycheck to pay for out of pocket health care costs.
The basic life insurance plan, provided at no cost to you, provides $35,000 for death from any cause and up to $5,000 in case of accidental death or dismemberment (AD&D). You have the option to purchase up to $1,000,000 of supplemental life insurance coverage and $250,000 of supplemental AD&D for yourself and $500,000 in life insurance and $250,000 of AD&D coverage for your spouse or state-registered domestic partner. View more information at the MetLife website.
LTD insurance helps protect you from the financial risk of lost earnings due to serious injury or illness. When you enroll in LTD coverage, it pays a percentage of your monthly earnings to you if you become disabled. The basic LTD insurance, provided at no cost to you, provides a maximum benefit of $400 per month. You can purchase supplemental LTD which provides 60 percent of your salary (to a maximum of $10,000). More information and the LTD Claim Packet can be found at the Standard website.
HomeStreet Bank's Hometown Home Loan Program
Northshore partnered with HomeStreet Bank in March 2002 to offer The Home Town Home Loan Program, an employer-assisted housing program, to all Northshore School District employees. The Hometown Home Loan Program offers a wide selection of home loan options whether you are buying your first home, refinancing or remodeling your existing home.
Home Town Home Loan Benefits Include:
- Reduced Loan Origination Fee & Other Closing Cost Savings
- Realtor Contributions
- Expert Service
- Convenient Hours
- Free Homebuyer Education
Go to the HomeStreet Bank Webpage for the Home Town Home Loan Program for more information. Here you will also find the schedule for many upcoming informative webcasts.
The Northshore School District works with two credit unions. The credit unions provide many services including discounted loan rates, competitive investment rates, seminars, and more.
If you set up an accounts with a credit union, you can have a portion or all of your paycheck directly deposited into your account. This is helpful when you have a loan with the credit union or if you just want to tuck some money away but don't want to think about it every month.