HSA/FSA status with Counterpoint

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HSA/FSA status with Counterpoint

Summary:

Can HSA / FSA accounts be used as payments in Counterpoint? 

Will Health Savings Account cards / Flexible Spending Accounts be used as payments in Counterpoint?

 

Flexible Spending Account, as they are commonly called, is one of a number of tax-advantaged financial accounts that can be set up through a cafeteria plan of an employer in the United States. An FSA allows an employee to set aside a portion of his or her earnings to pay for qualified expenses as established in the cafeteria plan, most commonly for medical expenses but often for dependent care or other expenses. Money deducted from an employee's pay into an FSA is not subject to payroll taxes, resulting in a substantial payroll tax savings.

The most common FSA, the medical expense FSA (also medical FSA or health FSA), is similar to a health savings account (HSA) or a health reimbursement account (HRA). However, while HSAs and HRAs are almost exclusively used as components of a consumer driven health care plan, medical FSAs are commonly offered with more traditional health plans as well. An FSA may be utilized by paper claims or an FSA debit card also known as a Flexcard.

Unlike other debit cards, the IRS does not allow FSA debit cards to be used at every merchant that accepts Visa or MasterCard. Rather, only the following types of merchants may accept an FSA debit card, usually enforced using "merchant category codes" or "merchant type codes" assigned by Visa and MasterCard:

Medical providers such as doctors and hospitals.

Merchants with an inventory information approval system (IIAS). In an IIAS, a merchant flags "FSA-eligible" items in its point of sale database so they can be separated from all other items by its scanner (brick-and-mortar) or shopping cart (online); it then permits only the "FSA-eligible" items to be charged to the card, with another form of payment required to purchase all other items

Solution:

No, currently there are no plans for Counterpoint (NCR Secure Pay) to support HSA/FSA. Counterpoint does not support IIAS.



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