Employee Benefits Corporation

IRS Guidance Allows Participants to Use BennyTM for Prescribed OTC Drugs

The IRS released on December 23, 2010, last-minute guidance that allows BESTflexSM Plan and EBC HRASM participants to use the BennyTM Benefits Card to pay for over-the-counter (OTC) drugs that have been prescribed by a doctor. Prior to the new guidance’s release, the BennyTM Benefits Card and other health care debit cards could not be used for OTC drugs –- prescribed or not -– starting January 1, 2011.

IRS Allows FSAs, HRAs and HSAs to Reimburse Breast Pump Expenses

The IRS released a brief announcement on February 10, 2011, that makes breast pumps and related supplies eligible expenses under Health Care Flexible Spending Accounts (FSA), Health Reimbursement Arrangements (HRA) and Health Savings Accounts (HSA). This reverses the IRS’ previous conclusion that such expenses could not be reimbursed by pre-tax accounts and HRAs.  

Governor Walker Signs Legislation Ending State Taxes on HSA Contributions

Governor Scott Walker signed on January 24, 2011, legislation that eliminates Wisconsin’s state tax on Health Savings Account (HSA) contributions. The measure brings Wisconsin’s tax law into line with federal tax law and is retroactive to January 1, 2011. Prior to the legislation, Wisconsin was one of four states that did not allow individuals to make pre-tax HSA contributions.

IRS Delays W-2 Reporting Requirements

The IRS and Treasury Department have delayed a provision of the Patient Protection and Affordable Care Act of 2010 – better known as health care reform – that requires employers to report the cost of applicable employer-sponsored health coverage on employees’ W-2 statements. The provision would have been effective January 1, 2011.

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