CARES Act
What is the CARES Act?
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act" or "the law"). The law is designed to bring financial relief for individuals and families.
Key highlights include:
Group health plans and other benefit programs:
- Expanded telehealth (online office visit with a physician) safe harbor (co-pay waived-if deductible is not met) for HDHPs.
- Expanded coverage of COVID-19 testing and clarification for testing provided at non-network providers.
- Expedited coverage of COVID-19 preventive services and vaccines.
- Changes to the items reimbursable by health savings accounts (HSAs), health reimbursement arrangements (HRAs) and flexible spending accounts (FSAs) such as health FSAs, and additional employee benefits-related provisions.
Retirement Plans:
- 2020 Required Minimum Distributions are allowed to be canceled.
- Retirement plan withdrawals expanded with federal tax and penalties waived.
- Retirement plan loan dollar amount limit increased.
What is Caltech doing in response to the CARES Act?
Caltech is working with our providers and carriers to review the changes and ensure our plans are compliant with the CARES Act.
Where can I find more information?
You can find more information on the CARES Act and how Caltech is responding by reaching out to our carriers and vendors or the Caltech Benefits team regarding your Health and Retirement Plans.
Your Caltech carriers and vendors: