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How does my LyfeVault® VISA® card know what's a  medical expense? 

SIGIS and Inventory Control
SIGIS is a non-profit standards setting organization established in December 2007 for the purpose of developing standards to enable merchants and plan administrators to support Internal Revenue Service (IRS) requirements for transactions conducted with payment cards accessing funds limited for healthcare use.

The Inventory Information Approval System (IIAS) standard was established in December 2007, and in late 2008, SIGIS introduced the 90% Rule Registration Program.

SIGIS members include retailers, card issuers, third-party plan administrators (“TPAs”), merchant acquirers, processors, financial institutions, trade association groups, software vendors, and payment card networks.

Does SIGIS assist retailers in determining which items are Section 213(d) eligible medical expenses?

Yes. SIGIS publishes the SIGIS Eligible Product List for participating retailers to use as the basis to identify items in their inventory. Access to the Eligible Product List is available upon SIGIS membership approval. The Eligible Product List also enables plan administrators and third-party administrators (TPAs) to rely upon a more consistent identification of eligible medical items.

How will the Eligible Product List be developed?

SIGIS contracts with a company experienced in list management and development, and relies on a committee of plan administrators, retailers and other SIGIS members to review the Eligible Product List.

What types of merchants are expected to support IIAS?

The IRS requires merchants that sell qualified medical goods and services but do not have a healthcare MCC or qualify under the IRS 90% Rule exemption to have an IIAS for purchases with healthcare cards to be approved. The following list of MCC's, which is not intended to be all inclusive, is an example of the Merchant Category Codes required to implement an IIAS.

Discount Stores:5310
Warehouse Clubs:5300
Convenience Stores:5499
Online Pharmacies:5960, 5964, 5965, 5969
Drug Stores/Pharmacies*5912
Druggist/Druggist Proprietaries*5122
Other Non-Healthcare:Various MCCs

What is IIAS?

IIAS is the common acronym for the IRS-approved Inventory Information Approval System. IIAS was introduced in 2008 and enables participating merchants to verify Card purchases right at the check-out counter. Since all stores (including pharmacies and drug stores) that sell general items along with health care products must participate to accept the Card, it practically eliminates the need and difficulty of having to submit receipts to verify the transaction after the purchase.

Can I use my prepaid LyfeVault® VISA® Card at any retailer?
You can use your prepaid LyfeVault® VISA® Card at retailers with the IRS-approved inventory system that sell eligible over-the-counter items as well as other health related products.  Your card can also be used at healthcare providers for such items as co-pays for doctor or dentist visits, or for the purchase of eyeglasses at your local vision provider.  For a list of the most common qualified expenses please click on this link.

Where can I find a list of retailers that have an IRS-approved inventory system?
You can find a list at for the most up-to-date report of retailers who have an IRS-approved inventory system.

Do I need to submit receipts if I make a purchase at a retailer with an IRS-approved inventory system?
No, you will not need to submit receipts if the retailer has an IRS-approved system. Only IRS pre-approved health care items can be purchased with the prepaid LyfeVault Card at check out.  However we do recommend you keep your sales receipts for any IRS audit purposes.

What happens if I use my prepaid LyfeVault® VISA® Card at a retailer that does not have the IRS-approved inventory system?
Your LyfeVault Card will only be accepted at retailers that have an active IRS-approved inventory system. Your LyfeVault Card will be declined at any retailer that does not have the system. If your purchase is declined because the retailer is not a participating member of the IIAS system, you can pay for your items with another form of payment, and then submit your receipts along with a LyfeBank claim form and submit both to our office for payment from your account.

If my doctor has prescribed or documented a need for an item that is not on the list of eligible expenses, can I still use my LyfeVault Card?
The IRS approval system will only allow the standard list of eligible items to be purchased using the LyfeVault Card. Any items that are not on this list will require a submission via a LyfeBank claim form.  You will need to submit a receipt for the item, documentation from your medical provider on the item requested for approval and a out-of-pocket claim form.  Upon submission your request will be reviewed for IRS approval. If approved you will be paid via check or electronic deposit.