Flexible Benefits Plan
Employees must re-enroll every year to continue flex plans. Even if you participated in the medical reimbursement and/or dependent care reimbursement account during 2013, you must re-enroll to participate during 2014. Open Enrollment will be held in the fall.
Medical and Dependent Care Information
Based upon employee suggestions and advice from Human Resources, the University of Tennessee decided to outsource the administration of our medical and dependent care flexible spending account (FSA) program. After a competitive procurement process, a company called PayFlex was awarded the contract. The benefits of this new program include:
- Faster reimbursement - Once claims are approved, funds can be deposited in your personal bank account the next day. No more waiting until pay day.
- Faster claims submission - Claims may be submitted electronically online, fax, or through a mobile application on your smart phone.
- PayFlex debit card - A debit card will be provided to allow point of sale purchases without submitting a claim.
- Online planning tools - These 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 pay day 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 will also receive access to listings of eligible items and other educational materials.
- HealthHub Mobile app - You can access your account information and file claims through an app that can be downloaded to your smart phone.
What is a Flexible Spending Account?
If you paid for any out-of-pocket medical and dependent care expenses this year and are not currently enrolled in the University's Flexible Spending Account plan, you are paying more in taxes than you would have if you were enrolled in the program. 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. The money put aside in the account is then used by you to pay eligible medical and dependent care expenses. These payments can be made via the debit card provided or you can make the payments and request reimbursement from the funds in your account.
How Do I Enroll?
The enrollment period for the 2016 Medical and Dependent Care Spending Accounts is from September 15th, 2015, to October 15th, 2015. If you enrolled in the plan during 2015, go to HealthHub.com and use your current user id and password to enroll. If you are not currently participating in the plan and want to enroll for 2016, go to HealthHub.com and use your personnel number and home zip code to register on the site.
Transportation and Parking Plan
Participation in the Qualified Transportation and Parking Plan requires the completion of the Transportation and Parking Reduction Form. Please note that you cannot participate in the Parking Plan if your parking is deducted from your paycheck because that is already treated as a pre-tax deduction.
What Happens if I Go On Leave of Absence without Pay, Change to Term, Retire, or Otherwise Terminate Employment
If you go on leave of absence without pay, change to term, retire, or otherwise terminate your employment, your flex plan will be shut down as of the date you terminate or are placed on leave. You will have 90 days to submit claims for expenses incurred prior to the leave, retirement, or termination date. In the event of your death, your beneficiary or estate may be reimbursed for expenses incurred prior to your death. Claims for those expenses may be filed through April 30th of the following year. An employee returning from a Leave of Absence will not automatically be reenrolled in a reimbursement account program. The employee must request re-enrollment and complete a new enrollment form within the first 30 days after returning.
Human Resources Office
910 Madison Avenue
Suite WP012, 1st Floor
Memphis, TN 38163
Phone: (901) 448-5600
Fax: (901) 448-5170