Flexible Spending Accounts (FSAs) 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. Group Dynamic, Inc. (GDI) administers Colby’s FSAs.
Medical Reimbursement Limit: $2,550
Dependent Care Limit: $5,000 for a single parent or if you are married and file a joint tax return; $2,500 if you are married and you and your spouse file separate tax returns.
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.
FSAs 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). For more information, see Group Dynamic’s Flexible Spending Presentation.
FSAs require an irrevocable election for each Plan Year and contributions to FSAs 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, 2015 to submit claims incurred between January 1, 2014 and February 28, 2015. Similarly, you will have until March 31, 2016 to submit claims incurred between January 1, 2015 and February 28, 2016. 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 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.
View Account Information Online
To view your account activity online, visit www.gdynamic.com.
You can also view:
- your payments
- the balance of your FSA(s)
- and other helpful tools
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.