Flexible Spending Accounts

Flexible spending accounts (FSA) allow you to set aside your own money on a pre-tax basis to pay for qualified medical expenses and services and/or qualified daycare services.  With an FSA, you elect to have your annual contribution amount deducted from your paycheck in equal installments through the calendar year.

Contributions are made on a pre-tax basis so the amount of your pay that goes into an FSA will not count as taxable income. The expenses that you intend to use the FSA funds for must be incurred during the plan year between January 1, 2024 and December 31, 2024.

  • A medical FSA can be used for eligible medical expenses that are not covered by insurance like office visits and prescription drug copays/coinsurance, dental copays/coinsurance, and vision care for yourself or your tax dependents. The maximum calendar year election for a medical FSA in 2024 is $3,050 with up to a $610 rollover allowed into 2025. You do not need to be insured by Bowdoin's health and/or dental plans to enroll in a medical FSA.

  • Important Note to High Deductible Health Plan (HDHP) Enrollees: If you are enrolled in one of the Health Savings Account (HSA) eligible High Deductible Health Plan options for your medical coverage you are eligible to make contributions up to the annual limit of to a "Limited Use" Healthcare Flexible Spending Account only. A "Limited Use" FSA can only be used for eligible dental and vision expenses.

  • A dependent care FSA allows you to set aside your own money on a pre-tax basis to pay for eligibile daycare expenses so that you (and your spouse if you are married) can work. The dependent must be under age 13 or incapable of self-care and must be claimed as a dependent on your tax return. The maximum calendar year election per household filing single or married filing jointly is $5,000. There is no rollover provision for a dependent care FSA so any amount of the unclaimed balance at the end of the year is forfeited.
It is important to plan your FSA election carefully since once you’ve made your FSA election for the calendar year, you may not change it unless you have a qualifying event. You can put up to $3,200 each calendar year into a medical FSA. The maximum calendar year election for a dependent care FSA (per household filing single or married filing jointly) is $5,000. An employee can carryover up to $640 of an unused medical FSA into the following plan year (calendar year). This carryover provision is only available to an employee who is actively employed on the last day of the plan year and who is still making contributions through the end of the plan year. The carryover provision does not apply to dependent care FSAs.

Important: If you don’t have enough expenses in the calendar year to claim the entire amount from your FSA (excluding the $640 amount allowed for a medical FSA carryover), you will forfeit the remaining balance at the end of the calendar year for both medical and dependent care.

Group Dynamic, Inc.

Reimbursement Benefits
411 US Route One Falmouth, ME 04105
(207) 781-8800 or (800) 626-3539 

Group Dynamic Participant Portal

Informational Sheets

File claims, upload receipts, view account activity, balances and payment history, download the Group Dynamic Mobile App, and set up text message alerts through the Group Dynamic Participant Portal.