What is the SIGIS (Special Interest Group for IIAS, Inventory Information Approval System, standard) and how does it affect purchases made with my Oklahoma Flexible Spending Benny Card?
As of Jan 1, 2008, the IRS requires ‘non-healthcare’ retailers to maintain a point-of-sale system that effectively identifies eligible transactions when consumers use flexible spending account (FSA) debit cards. Examples of ‘non-healthcare’ retailers include supermarkets, grocery stores, warehouse clubs and mail-order merchants. This system is identified as an Inventory Information Approval System (IIAS). On July 1, 2009, the IRS will require most pharmacy retailers to operate an IIAS. As an employee, this system will enable your merchant to total up at the cash register all FSA eligible items separate from items that are not eligible and allow you to purchase the eligible items with your debit card. Once this transaction is complete, the information required by the IRS is electronically sent along with the charge data. For most transactions charged this way, employees will not have to follow up with paper substantiation. You can see a list of merchants intended to implement the SIGIS
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