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The UT FLEX Advantage . Pay Fewer Taxes and Reduce Your Medical and Daycare Costs... with UT FLEX!. “What is the UT FLEX Advantage?”. Well, this phrase really means:. “SAVE ON TAXES BY USING UT FLEX!”. How can you LOWER YOUR TAXES?.

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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 expenses8
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 monthgrace 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 about ut flex
How can I learn more aboutUT 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 advantage19

The UT FLEX Advantage

Pay Fewer Taxes and Reduce Your Medical and Daycare Costs.

UTHSCSA Office of Human Resources

May 2006

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