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CARES Act & What it Means for You

Qualified Medical Expenses

Effective immediately, over-the-counter (OTC) drugs and medications without a doctor’s prescription can be paid for with your Health Savings Account & Flexible Spending Account. For a list of other qualified medical expenses you can make with your Health Savings Account or Flexible Spending Account click here.

Retirement Plan Options

The recently passed CARES Act provides access to retirement funds due to COVID-19. Participants are eligible to take an early withdrawal or loan from a Prudential Retirement savings account if they meet one of the following requirements:

  • Participant, participant spouse or dependent is diagnosed with COVID-19 by a test approved by the Centers for Disease Control and Prevention.
  • Participant has personally experienced adverse financial consequences as a result of reduced work hours, being quarantined, furloughed, or laid off; or if unable to work due to lack of child care or business closures related to the coronavirus pandemic.

Early withdrawals related to COVID-19 would not be subject to the usual 10% penalty, and loan amounts have increased to $100,000, if needed.
Click Here to review Prudential’s overview for additional detail and guidelines.

2019 Health Savings Account Contributions Extended

From now through July 15, 2020 employees who were enrolled in the LG Consumer medical plan in calendar year 2019 are able to contribute more dollars towards their H.S.A for tax year 2019. Please contact Health Equity by calling 1-877-397-4769 to contribute towards the 2019 calendar year.

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