IRS Modifies Rules on Paying for Over-the-Counter Medications with Debit Cards

January 14, 2011

Segal has released a new issue of Capital Checkup that summarizes a recent IRS notice and accompanying answers to frequently asked questions, which reversed its position on the use of debit cards to purchase over-the-counter (OTC) medicines and drugs for which the individual has a prescription.

For further details, please view the entire Capital Checkup (for Multiemployer plans, Public Sector plans).

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