On July 17, 2019, the IRS released Notice 2019-45 which expands the definition of preventive care under a High Deductible Health Plan (HDHP) to include services and items for specific chronic conditions such as diabetes, asthma, heart disease and more. With health care costs at an all time high, the recent IRS expansion of preventative care under an HDHP could provide much needed financial relief to many workers and their dependents facing certain chronic conditions. Effective immediately, services that fall under preventative care listed below may be now covered before individuals reach the deductible.
|Preventive Care for Specified Conditions||For Individuals Diagnosed with|
|Angiotensin Converting Enzyme (ACE) inhibitors||Congestive heart failure, diabetes, and/or coronary artery disease|
|Anti-resorptive therapy||Osteoporosis and/or osteopenia|
|Beta-blockers||Congestive heart failure and/or coronary artery disease|
|Blood pressure monitor||Hypertension|
|Insulin and other glucose lowering agents||Diabetes|
|Peak flow meter||Asthma|
|Hemoglobin A1c testing||Diabetes|
|International Normalized Ratio (INR) testing||Liver disease and/or bleeding disorders|
|Low-density Lipoprotein (LDL) testing||Heart disease|
|Selective Serotonin Reuptake Inhibitors (SSRIs)||Depression|
|Statins||Heart disease and/or diabetes|
To see the full IRS Notice 2019-45, please click HERE. If you have questions about HDHP coverage, we suggest you contact your health insurance carrier.
What the change means for Financial Advisors
This change could have significant impact to your sales opportunities in the HSA market. One of the main reasons people were afraid of HSAs is because HDHPs didn’t offer great coverage for chronic illnesses. That meant significant out of pocket costs before the HDHP offered coverage. Adding chronic illnesses as preventive care means those out of pocket costs go away. And that makes HSAs a much more attractive option.
If you are considering adding an HSA to your line-up of benefits, contact Hannie Spitzack, BPAS HSA Sales Relationship Manager at email@example.com to learn more about how HSAs are be a great way for employees to save for retirement.
Hannie Spitzack is a Sales Relationship Manager with BPAS VEBA & HRA/HSA Services.