Inspira Financial, after purchasing Maestro Health (Marpai), became the new UT FLEX Flexible Spending Account (FSA) plan administrator effective September 1, 2024. Participants need to re-register for the UT FLEX member portal and can expect access to robust resources that Inspira brings to its account holders. Please contact Inspira for all inquiries at (844) UTS-FLEX (887-3539).
Resources
Benefits-eligible active employees* may enroll in UT FLEX flexible spending accounts (FSAs). 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). This reduces the amount you pay in taxes and increases your spendable income. 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.
In most cases, you save about 30% on your federal taxes. The average tax savings for a person earning $50,000 who contributes $2,000 into an FSA account is approximately $600. A tax savings estimation calculator is available in the educational materials section of the UT FLEX Portal (you can find educational materials under the "Documents & Forms" menu).
Key Features of UT FLEX FSAs
| HEALTH CARE Reimbursement Account |
DEPENDENT DAY CARE Reimbursement Account |
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| What can be reimbursed? ** | Medically necessary health care expenses, including dental and vision-related expenses incurred and paid during your period of coverage. Expenses paid by insurance are not eligible for reimbursement. | For children under age 13 or qualified disabled dependents of any age who are claimed as dependents for federal income tax purposes. Dependent daycare expenses that are necessary for you and your spouse (if married) to work or attend school full-time, such as childcare services in a home, licensed daycare, and adult daycare. |
| How much can I contribute? | $15 minimum contribution per month. Total contributions cannot exceed $3,200 per plan year per employee for federal income tax filing purposes. | $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. Married couples have a combined $5,000 limit. |
| Administrative Fee | $0 | $0 |
| Debit Card Fee | No fee | N/A; debit card not available for DCRA |
| How do I get reimbursed for eligible expenses? |
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| When Can I Get Reimbursed? | First day of your enrollment in the plan | As soon as your first contribution is deducted from your pay and put into your account. Reimbursement can be made only up to your available account balance. |
| Last Day to Incur Expenses | For employees with active accounts through the end of the plan year - November 15 after the end of the plan year; For employees leaving or retiring during the plan year - the last day of the month in which employment ends (unless continuing account via COBRA) |
August 31 (Last day of the plan year) |
| Claim Filing Deadline | November 30 after the end of the plan year | November 30 after the end of the plan year |
*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. Please consult the UT FLEX Plan Guide for more information.
**A detailed list of eligible and ineligible expenses as defined by the IRS is available on Inspira's UT FLEX website.
Important Information about UT FLEX
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."
These UT FLEX spending account plans are “use it or lose it" plans. Any amounts you do not use throughout the plan year (and during the grace period for health-related expenses) will be forfeited, so it is very important to plan carefully.
Coordination with Federal Child and Dependent Care Expenses Tax Credit
If you plan to use a combination of the UT FLEX DCRA and the “Credit for Child and Dependent Care Expenses” on your federal income tax return, the amount you deposit in your DCRA will offset dollar-for-dollar the amount of expenses you are eligible to claim as a tax credit on your federal income tax return. You should carefully review the benefits of the federal income tax credit with the benefits of the UT FLEX DCRA. If you are not sure how this may impact you, consult your personal tax advisor before making your elections.
Plan Carefully — Practical Tips
- Any amount left in your account after the claims run-out period (August 31 for DCRA and November 15 for HCRA) will be forfeited.
- You can only make changes to your FSAs during annual enrollment or for very restricted change of status events.
- Make sure you enroll in the correct account type--DCRA is for daycare, HCRA is for health care expenses like doctor appointments, dental procedures, medications, and eye exams.
- Monies cannot be exchanged between account types.
- If your dependent is turning 13 during the plan year and is not disabled, their daycare or camp expenses will not be eligible once they turn 13.
- The IRS maximum amounts for contributions to dependent day care accounts are based on a calendar year (January 1 through December 31) and the limits apply to the entire family. Your paycheck contributions are tracked by UT FLEX and your employing institution on a fiscal year (September 1 through August 31) basis. You and, if applicable, your spouse, not UT FLEX or your employing institution, are responsible for making sure that you do not exceed the IRS limits during each calendar year.
Contact
Inspira Financial (844) UTS-FLEX (887-3539)
Mon-Fri: 7 am - 7 pm CT
Sat: 9 am - 2 pm CT
