An Update on this Virus from Our Little Corner of the World

The New York Metro area's been hit hardest with this virus. And we're taking the full impact on the economic and financial front as well. If you're living here, you know how it feels. Then again, no matter where you live, I suspect your life has changed dramatically - and you're feeling it.

Here's an update on the virus we just sent to our clients, for what it's worth:

As mentioned in our last update, we’re smack dab in the thick of the spread of COVID-19. The New York metro area, where we live and work, has taken the brunt of the impact from the virus. Emergency rooms are filling up with cases, some critical. Deaths have risen dramatically. All of this you’ve likely seen or heard from the media. 

Both sides of the spectrum have now weighed in: those who believe things will get a lot worse, and those who say dire scenarios are exaggerated and we will be over the worst of this in as little as 2 weeks. Take your pick. 

Whatever you choose, I prefer erring on the conservative side. Along those lines, a client passed along some suggestions from a physician friend who has exposure to hospitals and is therefore ultra-careful about the hygienic issues related to this virus. He addressed two areas that I think are common to all of us: mail and shopping.

For mail, he suggests you retrieve it with gloves on, but do not handle it immediately. His suggestion was put it in some isolated place and let it “sit” for 3 days. After 3 days, you can handle it safely. He suggests the isolation because he says its hard to wipe mail down.  For a house with a garage, or some area that can be isolated in some way, this is possible. I’m not sure how you handle this in an apartment setting. I think common sense will be needed in that case. My two cents here: Sort the mail with gloves on. Throw out useless items (e.g., junk mail) before bringing it into your living space. Maybe that cuts down the items you need to isolate in some fashion. 

For shopping, we addressed this in our last email in telling you what our family does. Here now two suggestions shared by a client:

If you absolutely have to go out to a store, upon your return: (1) disinfect the bottoms of your shoes before entering your home or leave your shoes on a covered porch/garage (2) blow and saline nasal spray your nose (Arm & Hammer Simply Saline Nasal Mist) and salt water gargle to help clear the respiratory system.

For now, buy frozen fruits and vegetables or if you do purchase fresh choose those with jackets to peel (bananas, clementines, grapefruit, etc.) or waxy surface that can be easily washed (avocado, acorn squash, red bliss or sweet potatoes, cucumbers, etc.).

Remember, I’m no expert. We’re simply serving as a conduit for views and comments we’ve considered helpful, as well as those offered by clients. You should put your thinking cap on, do your own research, and follow those suggestions you believe will help keep you safe and healthy.

And this from the IRS:

If you have a high-deductible health insurance plan:

The IRS today issued a newswire (IR-2020-54): It states that high-deductible plans may pay for some costs related to the Coronavirus such as testing and treatment before meeting your deductible without jeopardizing the policies status a high-deductible policy. This would be important for those owning and contributing to Health Savings Accounts (HSAs), which is only permitted if you have a high-deductible policy. I won’t get into any more specifics here. If you have such a policy, you likely know what this means. If you own a policy and aren’t sure, please feel free to give us a call.