ut flex

The UT FLEX Advantage : 

The UT FLEX Advantage Pay Fewer Taxes and Reduce Your Medical and Daycare Costs... with UT FLEX!

“What is the UT FLEX Advantage?”: 

“What is the UT FLEX Advantage?” Well, this phrase really means: “SAVE ON TAXES BY USING UT FLEX!”

How can you LOWER YOUR TAXES?: 

How can you LOWER YOUR TAXES? Decide how much money to put in your UT FLEX account monthly. Enroll in UT FLEX. Taxes are withheld based on your pay minus the amount you set aside monthly. Use the UT FLEX money to reimburse yourself for out-of-pocket medical and/or daycare expenses.

Two Types of Accounts: 

Two Types of Accounts Medical Expense Reimbursement Account Day Care Expense Reimbursement Account

Examples of Eligible Medical Expenses: 

Examples of Eligible Medical Expenses Co-payments, Deductibles, and Coinsurance for Medical, Prescription Drug, Dental, and Vision Plans Birth Control Pills and Infertility Treatment Eyeglasses; Eye Exams; Contact Lenses; Lens Solution Laser Eye Surgery

More Examples of Eligible Medical Expenses: 

More Examples of Eligible Medical Expenses Some Over-the-Counter Items Orthodontia Prescription Drugs Acupuncture and Chiropractic Care Hearing Testing, Hearing Aids, and Hearing Aid Batteries

Examples of Eligible Day Care Expenses: 

Examples of Eligible Day Care Expenses Care of a dependent under age 13; Care of a dependent who is physically or mentally incapable of caring for himself or herself; Custodial or elderly care Dependent day care

Examples of Eligible Day Care Expenses: 

Examples of Eligible Day Care Expenses Summer camp, excluding overnight camps Before / after school care Sick child facility Au pair services Montessori school Nanny, including FICA and FUTA

What does this mean for you?$$$$$ and Tax Advantages!!: 

What does this mean for you? $$$$$ and Tax Advantages!! When you have eligible medical and/or day care expenses: You submit a claim. You are reimbursed with tax-free dollars from your UT FLEX account.

Here is an example of how the UT FLEX Advantage works.: 

Here is an example of how the UT FLEX Advantage works. Maria Esquivel works in a research laboratory at the Health Science Center. Her salary is $30,000 per year. She is basically healthy and has one daughter in day care. What can using the UT FLEX Advantage do for Maria Jean?

Maria Esquivel’s Medical and Day Care Expenses: 

Maria Esquivel’s Medical and Day Care Expenses Daughter’s day care: $4000/year Medical expenses: $720/year

How Much Can You Set Aside?: 

How Much Can You Set Aside? You can set aside as little as $15 per month per account. You can set aside as much as $416 per month per account. Note: The amounts will vary if you and your spouse file separate tax returns. In that case, the yearly maximum per account is $2500.

How Do I get Started with UT FLEX?: 

How Do I get Started with UT FLEX? Read your Group Insurance Handbook during Annual Enrollment this July. Use the Savings Calculator at www.UTFLEX.com to estimate “known” expenses for the upcoming plan year. Access the UT TOUCH online system during Annual Enrollment in July and select your annual election!

How do I get money from my accounts?: 

How do I get money from my accounts? Use the Flex Convenience Card for direct, immediate access to your Medical Expense Reimbursement Account. This card works like a regular credit card. OR Complete a UT FLEX claim form and submit it to PayFlex Systems, Inc. (administrator) via fax or mail. OR Use Express Claims at www.UTFLEX.com.

Four Important Facts about UT FLEX: 

Four Important Facts about UT FLEX The “Use It or Lose It” Rule: Consider last year's expenses carefully. Then estimate your medical and day care expenses for the upcoming plan year. Any account balance remaining after the payment of claims will be forfeited. If you use the Flex Convenience Card, save your receipts. Periodic audits require you to supply proof of expenses to comply with federal regulations.

Slide17: 

At the end of each 12 month plan year, you have an additional 2 ½ months to spend the balance in your Medical Expense Account. In other words: You have a 2 ½ month grace period to submit more claims and spend your remaining money! 4. You have until November 30 following each plan year to submit all claims!

How can I learn more aboutUT FLEX?: 

How can I learn more about UT FLEX? Call the Benefits staff in the Office of Human Resources at 567-0123. Visit http://www.payflex.com/utflex/ Call PayFlex Systems, Inc. at (866) 887-3539 (UTS-FLEX).

The UT FLEX Advantage: 

The UT FLEX Advantage Pay Fewer Taxes and Reduce Your Medical and Daycare Costs. UTHSCSA Office of Human Resources May 2006