Want to find a way to stretch your paycheck and reduce your tax burden? Enroll in the university’s Flexible Benefits Plan, and you can use pre-tax dollars to cover vital services and purchases for you and your family.
Enrollment in the plan must be renewed every calendar year. The forms are due on Dec. 17.
The Flexible Benefits Program allows you to set aside funds to cover costs associated with medical care and products and care of your dependents. The advantage: These funds are not subject to federal tax or social security withholding.
For the medical account, expenses can include but are not limited to medical visit co-payments and other costs that are paid directly to meet a deductible limit or that are not covered by insurance. Other common expenses are prescription and certain over-the-counter drugs and medical equipment, contact lenses and eyeglasses, hearing aids, laboratory fees and orthodontic services.
The dependent care benefit can be used for all children under the age of 13 or for spouses and other dependents you claim on your tax return who are mentally or physically disabled. Typical expenses are nursery schools, day care centers and certain nursing home and household services.
All employees are eligible to participate and do not have to be enrolled in any UT insurance plans to qualify. Worksheets are provided to estimate expenses. It’s important to calculate anticipated expenses as carefully as possible so you don’t overestimate and divert more money than can be reclaimed.
All employees should have received information via campus mail. If you did not receive the materials or have questions, please call the Payroll Office at 865-974-5251 or visit http://payroll.tennessee.edu/.