Flexible Spending Accounts

 

You may want to consider a Flexible Spending Account if --

  • You or  your family members have out-of-pocket expenses for doctor's office visits or prescription drugs.
  • You did not sign up for Vision Insurance (VSP) and you or your dependents wear eyeglasses or contact lenses.
  • You have dental expenses not covered by insurance.
  • You pay for daycare for a dependent so that you can work.

Group Dynamic, Inc. administers Colby's Flexible Spending Accounts (FSA's). FSA's provide employees the opportunity to make pre-tax contributions to an account in their name, from which reimbursements are made for DEPENDENT CARE EXPENSES  and eligible MEDICAL EXPENSES (such as co-payments, deductibles, dental, and eye expenses).

EFFECTIVE JANUARY 1, 2013:

The new limit for the Medical Reimbursement plan will be $2,500,
decreased from $5,000 in 2012.
This is a federally mandated change, related to the Affordable Care Act.

2013 Flexible Spending Presentation


FSA's require an irrevocable election for each Plan Year and contributions to FSA's are not subject to payroll or income taxes. The amount of your election is then withheld in equal amounts from your paychecks throughout the year. Claim forms are submitted for reimbursement of expenses incurred during the Plan Year in which contributions are made. Expenses are considered incurred on the date services are rendered, regardless of when you actually pay for them. Dependent care expenses will be reimbursed only up to the amount contributed at the time the form for reimbursement is submitted.

Changes in the election for the Dependent Care Assistance Account may be made only because of and consistent with a "status change event". Elections for the Medical Reimbursement Account may not be changed during the Plan Year.

Employee account balances remaining 90 days after the end of the year will be forfeited.

You will have until March 31, 2014 to submit claims incurred between January 1, 2013 and February 28, 2014.  Similarly, you will have until March 31, 2015 to submit claims incurred between January 1, 2014 and February 28, 2015.  Please contact the Office of Human Resources (ext. 5503) or GDI toll-free at 1-800-626-3539, if you have any further questions.

 
Reimbursements

Reimbursements for medical, orthodontia or dependent care expenses can be made by submitting the Group Dynamics' Flexible Spending Account Reimbursement Request form.  Arrangements can also be made for reimbursements to be directly deposited into your bank account by submitting the Direct Deposit form.

New!
Automatic Dependent Care Payments

This payment process allows you to submit one claim for the entire plan year and receive remibursement as payroll deposits are posted.  To qualify, you must:

  • Have a consistent amount of day care expenses throughout the plan year;
  • Use the same day care provider throughout the plan year;
  • Be able to obtain a statement or signature from your day care provider in advance of the services.

If you meet these criteria, complete the Dependent Care Setup for Automatic Payments form and a claim form and submit it to Group Dynamic, Inc.

New!
Auto-Generated Orthodontic Reimbursements

You may always follow the standard reimbursement request process for ongoing orthodontic expenses.  Group Dynamics now offers an option to have orthodontia claims automatically paid to you for the duration of the plan year.

To set this up, you must fill out a completed claim form requesting dates of service and charges that fall within the plan year.  Indicate on the claim form that you would like "auto-generation".

You must also attach a copy of the Orthodontist's Contract or the "Truth in Lending Statement" that was initiated for the orthodontia services you are currently receiving for you or your dependent.  The Contract or Statement must include:

  • the orthodontist's name, address and credentials,
  • the contract dates, including the beginning and ending dates, and
  • a breakdown of the deposits, fees and payment schedule

Once the account is set up with Group Dynamic, Inc., your orthodontia claims will automatically be processed at the beginning of each month without you having to submit an addtional claim form or receipt each month.

If you have any quesitons, please call Group Dynamic, Inc. Customer Service at 1-800-781-8800.

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Limited Purpose Flexible Spending Accounts

 

Only for participants in the Health Savings plan (HSA).

Participants in the Health Savings Plan may elect to contribute to a Limited Purpose Flexible Spending Account. Per IRS rules, Limited Purpose FSA funds can be used towards vision, dental and preventive care expenses only.

For more information, click here.
For a list of eligible services, click here.
For a Limited Purpose FSA claim form, click here.

 
View Account Information Online

Visit www.gdynamic.com to view your account activity online.  In addition to check the status of your claims, you can also view payments and the balance of your flexible spending account(s).  You may also download a claim form, a list of eligible expenses and access participant resources and tools, such as a tax saving calculator and Frequently Asked Questions.

To log in, from the GDI home page, click on My Account.  You will need to enter your User ID (in most cases, your social security number) and your PIN (assigned by GDI).  If you do not know your PIN, call the Reimbursement Team at 1-800-626-3539 for assistance.

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