Improvements to UT Flexible Benefits Plan
Faculty and staff can find out more by attending information sessions set for 9:00 a.m. and 10:00 a.m., Friday, October 12, in the University Center Shiloh Room. Representatives also will be set up at the Fall Festival on October 12 to answer questions from festival attendees.
The improvements to the medical and dependent care flexible spending account (FSA) program stem from employee suggestions. PayFlex was awarded a contract to administer the program after a competitive bid process.
A flexible spending account allows you to take money from your compensation and place it into accounts for medical and dependent care expenses. These funds are not taxed, thereby potentially saving you hundreds of dollars. You can use the money that has been set aside to pay for eligible medical and dependent care expenses.
Improvements to the program include:
- Faster reimbursement: Once claims are approved, funds can be deposited in your personal bank account the next day. No more waiting until payday.
- Faster claims submission: Claims may be submitted electronically online, by fax, or through a mobile application on your smartphone.
- PayFlex debit card: A debit card will be provided to allow point of sale purchases without submitting a claim.
- Online planning tools: Tools include savings calculators that will assist you in determining the amounts to contribute to your plan and the estimated tax savings.
- HealthHub.com: You no longer have to wait until payday to see account balances, claim history, or amounts deducted from your pay. All of this information is available in real time from the PayFlex website called HealthHub. You create your own account and you also will receive access to listings of eligible items and other educational materials.
- HealthHub Mobile app: You will be able to access your account information and file claims through an app that can be downloaded to your smartphone.