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.
2018 Medical Reimbursement Limit: $2,650
2018 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. Claims 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 Plan year (January 1 – Dec 31) will be forfeited. Therefore, all claims must be submitted by March 31.
There are a couple of ways to receive reimbursement from your FSA:
- Online: Login to your account at www.gdynamic.com. On the homepage find “I Want To…” and select “File A Claim.“
- Paper Claim: Print an FSA Reimbursement Request Form from www.gdynamic.com. Complete the form, attach documentation and submit your request by one of the methods listed on the form.
Reimbursements for medical, orthodontia, or dependent care expenses can be made for reimbursements by direct deposit by submitting the Direct Deposit Form or by setting up direct deposit through your account online.
For additional ideas on how to use your FSA dollars, visit the FSA Store online.
View Account Information Online
- For more information visit www.gdynamic.com to create a login and review your account
GDI’s Reimbursement Team is available Monday through Friday, 8:00 a.m. – 5:00 p.m. Eastern Time, at 1-800-626-3539. You may leave a message during non-business hours and your call will be returned by 10 a.m. the following business day.