MCC 8050 covers transactions related to nursing and personal care facilities, including long-term care and personal assistance services.
Interchange Fee
Interchange fees for MCC 8050 typically range from 1.3% to 3.0% depending on card type (e.g., debit, credit, or premium cards) and the policies of the issuing bank.
Cashback Rewards
Certain cards may offer cashback on healthcare and personal care-related expenses, including nursing facilities. Cashback rates vary, typically ranging from 1% to 5% depending on the card issuer.
Rules and Restrictions
There are no special rules or restrictions imposed by payment processors specifically for transactions categorized under MCC 8050.
Tax Reporting
Expenses related to nursing and personal care services may qualify as deductible medical expenses under certain IRS guidelines, depending on the individual's tax situation and applicable regulations.