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IMPORTANT NOTICE to UT FLEX Participants with a PayFlex Debit Card:
Effective January 1, 2008, IRS Changes That Will Affect Your PayFlex Debit Card The Internal Revenue Service (IRS) has issued new regulations that will affect where you can use your UT Flex/PayFlex Debit Card. Under the new regulations, effective January 1, 2008, the UT FLEX / PayFlex Debit Card can only be used for approved expenses at non-healthcare related merchant locations (such as grocery stores, discount stores, wholesale clubs and web-based merchants like drugstore.com) if the merchant has implemented an IRS approved inventory information approval system (IIAS).
The IIAS merchant’s point of sale system must identify eligible healthcare purchases by comparing bar coded inventory control information for the items being purchased against a pre-established list of eligible medical expenses.
Only IRS approved transactions will be chargeable to your card. If you are also purchasing non-approved items in the same transaction, you will be asked by the merchant for a second form of payment for those items.
The PayFlex Debit Card will continue to be accepted at eligible healthcare related merchants and service providers such as doctors, dentists, vision care centers and hospitals.
Drug stores and retail pharmacies will continue to accept the PayFlex Debit Card through the 2008 calendar year. These merchants have until January 1,
2009 to implement an IRS approved inventory information approval system.
To view a list of merchants who have implemented an IRS approved inventory information approval system, go to www.mypayflex.com. The list of eligible expense items is also available at the PayFlex website listed above.
If your PayFlex Debit Card is not accepted by your merchant or you have any questions, please contact PayFlex Customer Service at the following toll free
number: 1-866-887-3539.
Dose of Reality: Can Internet prescription drug purchases endanger your health?
Many of us turn to the Internet to simplify our day-to-day transactions, reserving plane tickets, finding apartments and keeping in touch with old friends via cyberspace. Some of us even buy products such as prescription drugs online. This is one online transaction, says Dr. Marv Shepherd, which requires caution. Read the full Article
UT Retirement Programs Quarterly Newsletter
The UT System Retirement Programs quarterly newsletter is available. Topics include supplemental retirement savings plans and the retirement plan fund performance summary.
Read the Retirement Programs newsletter and learn more about how to let the UT System Retirement Programs assist you in creating the future you want. |
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