Health Spending Accounts

The Health Spending Accounts options are listed below.

Flexible Spending Accounts (FSA)

Administered by Group Dynamic Inc.

A Flexible Spending Account (FSA) is an account that you set up to deposit pre-tax dollars into to cover eligible expenses. This allows you to save on your expenses by the amount of taxes that you pay. The College offers a Medical Spending Account for eligible medical expenses and/or a Dependent Care Spending Account for eligible child and adult care expenses. This is an annual account. All money deposited in this account must be used for eligible expenses for the calendar year. Unused balances will be forfeited by the individual and revert to the health plan to cover costs.

For 2023, the maximum allowable FSA election for Health Spending is $3,050. Dependent Care FSA maximum is $5,000.

• Group Dynamic FSA Claim Form
• Group Dynamic Debit Card Intro
• Group Dynamic Debit Card Substantiation (IRS Requirements)
• Group Dynamic Debit Card Tips
• Group Dynamic Mobile App Info

Dependent Care Flexible Spending Account

Employees who enroll in the Group Dynamic Dependent Care Flexible Spending Account can have their dependent care costs automatically deposited into their banking institution based on direct deposit information provided to Group Dynamic. Each year the employee must re-verify the information on file with Group Dynamic regarding the dependent care expenses. The extended form to provide to Group Dynamic is below:

Automatic Dependent Care Reimbursement Enrollment Form

Limited Purpose (LP) Flexible Spending Account

Employees who enroll in the either of the HSA eligible health plans may still enroll in a “Limited Purpose” Medical Flexible Spending Account. This account is also managed by Group Dynamic.  IRS rules require that the Limited Purpose Medical FSA is available for Vision, Dental and Preventive Care expenses only. Please read the Summary carefully to fully understand the requirements for this type of account.

• Limited Purpose FSA Summary Description
• Limited Purpose FSA Allowable Expenses
• Limited Purpose FSA Reimbursement Request Form

Health Savings Account (HSA)

Administered by Group Dynamic Inc.

An HSA or Health Savings Account is an account that you set up in which you can deposit pre-tax dollars.  This account can cover qualified health care expenses. Unlike the FSA, this is your personal account and can be used after you leave the College. This account must be paired with a Qualified High Deductible Health Plan (QHDHP).

Employees can contribute to this account on a pre-tax basis. The IRS sets annual maximums for contributions to these accounts.  For 2023 the maximums are as follows: