X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
shattered pieces of pink piggy bank The current regulation is drafted in a way that would not allow an individual covered by a direct primary care arrangement to participate in a health savings account (or HSA). (Photo: iStock)

On June 10, 2020, the IRS issued proposed regulations to “treat expenses related to certain types of arrangements, potentially including direct primary care arrangements . . . as eligible expensed under Section 213(d) [of the Internal Revenue Code]” in accordance with an Executive Order issued by President Trump last summer.

In layman’s terms, the President directed the IRS to update its rules to allow for direct primary care, often called concierge medicine, to be treated as a medical expense for tax purposes. If finalized, the new rules will allow individuals to claim retainers paid to a primary care physician for guaranteed as a medical expense. They would also allow employers to help pay for a direct primary care doctor on behalf of their employees through the use of a health reimbursement arrangement. More details on how this works are available here.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.