These UT FLEX spending account plans are “use it or lose it" plans. To qualify as a tax-exempt plan, the UT FLEX flexible spending accounts must comply with all applicable Internal Revenue Service requirements including: "Use it or lose it." **A detailed list of eligible and ineligible expenses as defined by the IRS is available on Maestro's UT FLEX website. Please consult the UT FLEX Plan Guide for more information. *Retirees (including return-to-work Retirees) are not eligible to participate in UT FLEX, but may be eligible to continue an existing HCRA via COBRA when transitioning to retirement mid-plan year. November 30 after the end of the plan year Reimbursement can be made only up to your available account balance.įor employees with active accounts through the end of the plan year - November 15 after the end of the plan year įor employees leaving or retiring during the plan year - the last day of the month in which employment ends (unless continuing account via COBRA) How do I get reimbursed for eligible expenses?Īs soon as your first contribution is deducted from your pay and put into your account. Married couples have a combined $5,000 limit. $15 minimum per month minimum up to a maximum of $5,000 annually per household for single taxpayers and married couples filing jointly or up to a maximum of $2,500 per plan year if married filing separately. Total contributions cannot exceed $3,050 per plan year per employee for federal income tax filing purposes. Dependent daycare expenses that are necessary for you and your spouse (if married) to work or attend school full-time, such as child care services in a home, licensed daycare, and adult daycare. Expenses paid by insurance are not eligible for reimbursement.įor children under age 13 or qualified disabled dependents of any age who are claimed as dependents for federal income tax purposes. Medically necessary health care expenses, including dental and vision-related expenses incurred and paid during your period of coverage. The average tax savings for a person earning $50,000 who contributes $2,000 into an FSA account is approximately $600. In most cases, you save about 30% on your Federal taxes. If you are enrolled in the HCRA, you also have the added convenience of the UT FLEX Debit Card to pay for eligible expenses at the point of service. This reduces the amount you pay in taxes and increases your spendable income. FSAs allow you to set aside money from your earnings before taxes are withheld to put into an account used to pay certain out-of-pocket health care expenses with the Health Care Reimbursement Account (HCRA) or qualifying dependent daycare expenses with the Dependent Care Reimbursement Account (DCRA). The Employer ID is BBB132002030.īenefits-eligible active employees* may enroll in UT FLEX flexible spending accounts (FSAs). Your BID is the 8 characters after the UTS0 on your UT SELECT Blue Cross Medical ID card. To register for the UT FLEX portal, use your Benefits ID (BID) where it asks for Employee ID.
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