Mandatory changes coming for debit cards

by Michelle King

Effective January 1, 2008 non-health care locations (i.e. grocery and discount stores) will be required to participate in an Inventory Information Approval System (IIAS) in order for Medical Reimbursement Account Debit Cards to be used at their locations.

This new system will make the card system much easier to use and more efficient for both employees and Plan Service Providers by improving the information being delivered electronically and reducing the need for paper substantiation.

However, it will also limit locations where cards may be used, and will result in "split tender"* when qualified and non-qualified items are purchased at the same time.

*"Split Tender" means that only the cost of qualified items will be approved with the debit card swipe and an alternate method of payment will be required for non-qualified items.

For more information please see the following documents:

Searching for Something?

Simply enter a keyword or topic to find the expert tip, services or news you are looking for!

News

Sign me up for your Newsletter (or make other subscription changes)

401(k) Today

Designing, Maintaining and Maximizing Your Company’s Plan

Looking for in-depth information on how to design, maintain and maximize your organization’s 401K plan?

Then 401(k) Today by Stephen Butler is the practical, easy-to-read guide for you!

To order your copy today, please call Pension Dynamics at (925) 956-0505