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HRA • SECTION 105 Health Reimbursement Arrangements |
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HSA • SECTION 223 Health Savings Accounts |
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SECTION 213 Reimbursable / Unreimbursable Expenses |
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myRSC Marketing Demonstration - VIDEO
This video is an overview of myRSC and quickly touches on all the functionality it offers. It can be used to show employers the benefits of using myRSC, and can be used for marketing, sales and educational purposes.
Click here to watch the video
IRS Releases Guidance for Use of Debit Cards
to Purchase Qualified OTC Items
The IRS has released guidance pertaining to the use of health debit cards for the purchase of OTC medicines after January 1, 2011. As you know, as of January 1, 2011, all OTC medications will require a prescription in order to be eligible for reimbursement from FSA, HRA, HSA or Archer MSA accounts. This has not changed. However, in the prior guidance, it was stated that health debit cards could not be used to purchase OTC items, with or without a prescription.
IRS notice 2011-5 allows for the use of debit cards for the purchase of qualified OTC items accompanied by a prescription, up to and beyond January 15th, provided certain circumstances are met.
While we are not certain as to how each retailer with handle this reimbursement, we would suggest that your employees ask their pharmacist as to how they can continue using their health debit card for purchase of OTC items.
CLICK HERE TO READ IRS NOTICE 2011-5
We will be adding this additional information to the e-mails that are automatically sent to each participant once a card swipe occurs; however, you may wish to also communicate this information to your participants via a payroll stuffer, posting, etc...
If you have any additional questions, please feel free to contact us.
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Note: Some retailers may have already removed OTC items from their list of eligible items in advance of the January 15 deadline. We have received reports indicating this may have happened already at Walmart and RiteAid.