That massive $1.7 trillion Omnibus Bill that was signed into law on December 29, 2022 had a few things for us concerning our health and benefits.

Long Term Care Insurance

Individuals can now use up to $2,500 of funds each year from their existing 401(k)s, 403(b)s and IRA’s without incurring the 10% early withdrawal penalty to purchase long term care insurance.

High Deductible Health Plans (HDHP / HSAs) 

Good news, you may continue to use telehealth services prior to meeting your deductible. The law was extended to December 31, 2024! This was originally part of the CARES Act and was initially set to expire at the end of 2022.

Substance Abuse, Prevention and Mental Health Resources

1.5 Billion was provided in State Grants for Substance Abuse, Prevention and Mental Health Resources!

Redetermination of Medicaid eligibility as of April 1, 2023

Due to Covid, Medicaid was expanded to a broader group of people and was set to expire in July of 2023 and has now been updated to end on April 1st, 2023. People currently enrolled in Medicaid will have to go through a redetermination of eligibility.

Marsha Marrullier, REBC