Medical and Dependent Care Flexible Spending Accounts (FSAs)
Pay Fewer Taxes and Increase Your Spendable Income...
with UT FLEX!
UT FLEX allows you to set aside money from your paycheck, before any taxes are deducted, to pay for many of your medical and dependent care expenses. With rising medical and daycare costs, it makes lots of sense to start using these valuable flexible spending accounts as soon as possible! You have come to the right place to find out everything you need to know about enrolling and saving with UT FLEX.
UT FLEX is easy to use and offers many valuable benefits:
- The optional PayFlex Debit Card makes accessing funds easier than ever (there is a $9 fee)
- You can keep track of your funds 24/7 at our Plan Website
- Your money can be conveniently deposited into your checking account or mailed to you
- Your claims can now be processed within three hours with online Express Claims
- Medical and dependent care expenses for other family members also qualify
- Your entire year’s deductions are available to use immediately
- Customer Service is only a phone call away
- Funds can be used for MANY medical and daycare expenses - View eligible expenses
How UT FLEX Medical and Dependent Care FSAs work:
- Calculate how much money you want deducted monthly by using our online medical or dependent care savings calculator. Remember that the money you set aside when you enroll must be used within the first 14 1/2 months of enrolling or it will be forfeited; starting from the beginning of the Plan year.
- After you have carefully read the Plan details and have decided how much you want to set aside, simply sign up for one or both UT FLEX accounts online during Annual Enrollment (July 1 - July 31) just like you would for any other benefit. Neither you nor your dependents need to be enrolled in any other UT benefit or insurance plan to participate in UT FLEX. You must re-enroll every year since your election amounts are not continued from the previous year.
- Start Saving! You can start using your pre-tax money on eligible medical and/or dependent care expenses. You should collect and keep receipts as the Plan Administrator, PayFLex may ask you for them periodically.
Example of tax savings using UT FLEX:
Example of Tax Savings
| |
Without
UT FLEX |
With
UT FLEX |
| Total Annual Pay |
$30,000 |
$30,000 |
Annual Health Care Expenses
Annual Dependent Care Expenses |
|
$720
$4,000 |
| Total Pay subject to Taxes |
$30,000 |
$25,280 |
| |
|
|
| Less Deductions: |
|
|
Federal/State Taxes
Social Security/FICA
After Tax Income |
$4,500
$2,295
$1,934 |
$3,792
$1,934
$19,554 |
| Less Deductions: |
|
|
Annual Health Care Expenses
Annual Dependent Care Expenses
Spending Income |
$720
$2,295
$23,205 |
$3,792
$1,934
$19,554 |
Net increase in spending income |
|
$1,069 |
| Monthly increase in spending income |
|
*$89.09 |
| Annual increase in spending income |
|
*$1,069 |
*Your increase in spendable income may vary based on withholding elections. This illustration assumes 15% federal tax, and 7.65% Social Security/FICA tax. |
Since you don't pay taxes on the hard-earned money you set aside with UT FLEX, your take-home pay will increase! |
|
