Flexible Spending Accounts
Enrollment is via a simple form available from the forms page on this website or in Human Resources Office. Exceptions to the enrollment date are events such as marriage, divorce, birth and death. For enrollment information, contact Benefits Office at ext. 1470.
The University maintains a Medical Flexible Spending Account and a Dependent Flexible Spending Account for employees. Employees may set aside annually, on a pre-tax basis, up to $3,000 in the Medical Flexible Spending Account and up to $5,000 in the Dependent Flexible Spending Account.
What is a Flexible Spending Account? A Flexible Spending Account (FSA) is an IRS-approved program that enables UT employees to be reimbursed for certain medical and dependent care expenses on a pre-tax basis. Employees who participate in an FSA will save federal, state, and where applicable, city income taxes on all the money set aside in the FSA. In other words, taxable income is reduced by the amount you put into the FSA.
How does an FSA work? Upon request, the University will deduct the total estimated in pro-rate amounts from the paycheck. As expenses are incurred, receipts are submitted, with a claims form, to the FSA administrator who issues checks on a semi-monthly basis for the incurred expenses. The IRS requires that any amount left unspent by the end of the calendar year be forfeited. Reimbursements can be claimed through March of the following year. For more information, click here.
For enrollment, claims, and other forms, visit the Benefits section of the forms page.
