The Coronavirus Aid, Relief and Economic Security Act, commonly known as the CARES Act, was passed by Congress in order to aid Americans with emergency relief in response to the economic impact caused by COVID-19. The CARES Act covers everything from individual stimulus check and small business loans to industry-wide bailouts and hospital funding.

However, what is getting lost in the news cycle are the important changes that have been made to a variety of health care benefits that impact people in real ways. Consumers need to know how the law affects their health savings account (HSA), flexible spending account (FSA) and health reimbursement accounts (HRA) during this time, including some permanent changes. HSA participants, in particular, have important changes to consider.

1: Extended HSA deadline

As a response to the coronavirus and many businesses being shut down, the IRS has extended the federal income tax filing from April 15 to July 15, 2020. Additionally, taxpayers can defer federal income tax payments between April 15 through July 15 without normal penalties and interest, regardless of the amount owed.

So, what does this mean for HSAs? With this extended deadline, account holders have more time to contribute money into their accounts. This provides account holders a unique opportunity to contribute more money and further use it a savings tool for future qualified medical expenses.