Flexible Spending Accounts

Flexible spending accounts (FSA) allow you to set aside 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. FSA dollars can be used during the plan year (calendar year) to pay for qualified expenses and services.

  • A medical FSA allows you to pay for qualifying medical expenses not covered by insurance like office visit and prescription drug copays/coinsurance, and vision care for yourself or your tax dependents.
  • A dependent care FSA allows you to pay for qualifying daycare expenses. Your dependent must be under age 13 or a handicapped /elderly adult who is unable to care for himself/herself and is your tax dependent. The daycare must be provided so that you (and your spouse, if married) can work.
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 $2,750 each calendar year into a medical FSA. The maximum calendar year election for a dependent care FSA (per houselhold filing single or married filing jointly) is $5,000. An employee can carryover up to $550 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 $550 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.