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 new Flexible Benefits Program will be from October 1 to November 1, 2012. Enrollment will be online at www.healthhub.com. Information will be sent to your office address on how to enroll and will also be provided on the flexiblebenefits.tennessee.edu website once it is available. View a tutorial on PayFlex.