New IRS Debit Card Rules For FSAs And HRAs Training Class

New IRS Debit Card Rules For FSAs And HRAs Training Seminar

• Provide specifics on the permissibility of electronic payment methods, including the acceptable and unacceptable circumstances and procedures for utilizing a debit card
  
• Address "self-substantiation" and "self-certification" methods

• Under what circumstances may you rely solely on the electronic transaction as claims substantiation?
• What is the significance of a "Merchant Category Code"?
  
• How can your program utilize the "multiples of co-payment" standard for claims substation?
  
• What is the required process to implement a debit card system?
  
• Can your plan rely on the participant's "self-certification" for claims substantiation (this point goes beyond the debit card, and addresses the claims substantiation rules for all expenses)?
  
• What is the "inventory control system" for certain medical expenses and how does it work with debit cards? How does the "split-tender" rule coordinate with this system? What are the employer recordkeeping rules under this system, and what is the effective date for using the inventory control system?
• Under what circumstances can a debit card be used for dependent care expenses and why won't most current debit card systems be able to comply with the requirements?
  
• What are the required correction mechanisms and procedures that must be followed for ineligible expenses or when insufficient documentation is presented in order to comply with the "pay and chase" rules and to preserve the tax-free treatment of contributions and reimbursements?