About Flexible Spending Accounts
Sometimes called “flexible reimbursement accounts,” flexible spending accounts (FSA) allow you to set aside money to pay for certain kinds of medical, dental, and dependent-care expenses before taxes are assessed on that income. The Group Dynamic: Medical and Dependent Care Flexible Spending Accounts video offers a brief overview of how these plans work and why you might be interested in utilizing one. Creating an online account is a great way to help manage your account. To create your new account visit www.gdynamic.com. When logging in, click on new user and get started.
Contributions are made throughout the calendar year, and eligible expenses must be incurred within that calendar year or within the grace period — if you don’t use all eligible funds from your account, the remaining amount is forfeited. Typically, you pay your bill first and submit your receipts to Group Dynamic for reimbursement.
Special note regarding COVID19: The CARES Act (PDF), which took effect on March 27, 2020, now permits FSA and HSA reimbursement of over-the-counter products without the need of a prescription, along with menstrual products. More information is available in the the FSA Summary of Modifications (PDF).
- Full- or half-time faculty or professional staff.
- Covers expenses for self, spouse, and dependent children.
- Your contributions will stop the last day you physically worked in a benefits-eligible position. Employees whose benefits-eligible position ends during the plan year have until May 30 of the following year to submit expenses incurred through their last day physically worked in the benefits-eligible position for both dependent care expenses and medical expenses.
- Please review the Summary Plan Description (PDF), the FSA Summary of Modifications (PDF), and the Wrap Summary Plan Description (PDF) for more eligibility and plan details and consult with Human Resources for specific situations.
As an eligible employee, you can elect between a minimum of $250 and a maximum of $3,050 (2024) in a calendar year on a pre-tax basis for certain health care needs for yourself, your spouse, or your dependent children (up to the age of 26). Please note that you may not opt for a Medical FSA account if you are participating in an HSA medical plan.
Dependent Care FSA
Eligible employees can elect between a minimum of $250 and a maximum of $5,000 in a calendar year on a pre-tax basis for certain care needs of dependent children through the age of 12. For more information review the Dependent Care FSA Overview (PDF).
Consult with your tax advisor regarding your limit.
- $5,000 per plan year (single or married, filing jointly)
- $2,500 per plan year (married, filing separately)
The University of New England has added a time extension at the end of the plan year during which you may incur eligible expenses and be reimbursed from your FSA. We have a 2.5 month grace period after our plan year of January 1 through December 31.
This means that you have until March 15 to incur medical or dependent expenses and until May 30 to submit any claims incurred during the previous plan year or during the grace period.