June > Be a Wise Healthcare Consumer
Be a Wise Healthcare Consumer
On the lookout for ways to save money? Enroll in UT FLEX!
UT FLEX Health Care Reimbursement Account (HCRA): As a benefits-eligible employee, you can participate in the UT FLEX HCRA and pay for certain out-of-pocket medical expenses with funds set aside from your pay before taxes are withheld.
Eligible expenses which you can pay for with pre-tax dollars include (but are not limited to):
- Deductibles, copayments, coinsurance
- Prescription drugs, insulin and syringes
- Dental exams, x-rays, fillings, crowns, orthodontia
- Eye exams, prescription eyeglasses and prescription sunglasses
- Contact lenses and cleaning solutions
- Hearing aids
Things to consider when making your UT FLEX HCRA election:
- With passage of the Affordable Care Act (Healthcare Reform), the upcoming 2011-2012 plan year will be your last opportunity to make a $5,000 UT FLEX HCRA election. Beginning September 1, 2012, the maximum UT FLEX HCRA election will be reduced to $2,500, per Federal guidelines.
- Over-the-counter (OTC) medicines and drugs now require a written prescription (Rx) from your doctor in order to get reimbursed. More information about the OTC guidelines is available on the UT FLEX website.
PayFlex Debit Card
Selecting the PayFlex Debit Card ($9 annual fee) with your UT FLEX HCRA election makes using UT FLEX easy and improves your cash flow. By using the PayFlex Debit Card, you do not have to complete a claim form, and purchases are automatically deducted from your available UT FLEX MERA balance. Use the debit card to pay out-of-pocket costs such as deductibles, copayments and coinsurance.
The IRS requires that PayFlex, on behalf of UT FLEX, substantiate the eligibility of debit card purchases. Most substantiations are made automatically through matching copayment charges and the insurance carrier’s Explanation of Benefits (EOB) information. It is best to keep copies of all debit card transaction receipts in the event you are asked for a receipt.
UT FLEX Dependent Day Care Reimbursement Account (DCRA): If you have work-related dependent day care expenses, pay for those expenses (up to $5,000 per calendar year), file an Express Claim online (or by fax or mail), and be reimbursed with tax-free dollars from your UT FLEX DCRA flexible spending account.
Eligible dependent day care expenses include:
- Work-related expenses incurred so that you and, if married, your spouse can work
- Before/after school care
- Preschool/nursery school for pre-kindergarten
Making your UT FLEX Election
To participate in UT FLEX, you must make your election through the My UT Benefits online enrollment system (even if you are a current UT FLEX participant). Follow these tips:
- Estimate your annual expenses (healthcare and dependent day care if applicable) and make your election online through the online enrollment system My UT Benefits.
- If making a UT FLEX HCRA election, decide whether or not you want to use the PayFlex Debit Card. If you currently have the PayFlex Debit Card and make a UT FLEX HCRA election, the Debit Card will automatically be defaulted to elect the card for the upcoming plan year.
- There is an annual administrative fee of $12 per UT FLEX account (HCRA and DCRA). The administrative fee is the first deduction from your UT FLEX account(s) and is prorated for mid-year elections.
If you have a PayFlex Debit Card, the card may only be used for eligible healthcare expenses. If you make a debit card transaction that does not match a UT insurance deductible, copayment or the carrier’s Explanation of Benefits (EOB) information, you may be asked to provide documentation to substantiate the eligibility of the purchase.
If you’ve made a debit card transaction that requires substantiation, you will likely receive a letter from PayFlex which requests you submit:
- EOB (if insurance paid a portion of the medical or dental expenses)
- Merchant/service provider
- Name of patient
- Date of service
- Service/item received
- Amount of service/purchase
- Amount paid by insurance carrier
- Amount you paid or owe (patient responsibility)
If you receive a notice and do not provide documentation by the date identified in the letter, your PayFlex Debit Card may be inactivated until the requested documentation is provided, or documentation from another eligible service (not paid for with your PayFlex Debit Card) is submitted.
Please note: The deadline to incur eligible expenses with your 2010-2011 UT FLEX HCRA election is November 15, 2011, and the deadline to submit claims for reimbursement of 2010-2011 transactions is November 30, 2011.