Online Benefits Directory

FLEX 

Eligibility

All full time employees are eligible for coverage on the first day of the month following 30 days of employment.  You can participate in FLEX even if you do not enroll in any other benefits.

How a Flex plan works

Flexible spending accounts enable employees to set aside dollars on a pre-tax basis to reimburse themselves for out-of-pocket expenses associated with health/medical care or dependent care. At the beginning of the plan year, you determine the amount of money you want to contribute per paycheck. G&W offers two Flexible Spending Accounts (FSA):

Flexible Spending Account: Employees can set aside a certain dollar amount per calendar year up to a total maximum of $3,200. It will be deducted from your earnings on a pre-tax basis to pay for out-of-pocket costs of healthcare, including copayments, deductibles and certain over-the-counter medications and health supplies.

Don’t Overpledge:  Health FSAs employ a “use-it-or-lose-it” model. If you do not use the funds that you contribute to your FSA within the end of the year, you will have to forfeit those funds. However, you have available to you a carryover up to $620 of unused funds from one year to the next. In addition, any amount that is carried over does not count toward the maximum contribution limit

Dependent Care Flexible Spending Account:  Employees may have up to $5,000 annually ($2,500 if married and filing separately) deducted on a pre-tax basis to pay for dependent care.

The amount you set aside each year for the Flexible Spending Account is available to you at any time throughout the plan year. The amount available to you for your Dependent Care Account is only the amount you have contributed to date.

Each year you will be given an opportunity to make new contribution elections for the next plan year. The IRS requires that the amount you choose to contribute cannot be changed during the plan year unless you have a family status change.

$620 Health FSA Rollover

You can rollover up to $620 of unused FSA amounts to the next plan year to use for qualified medical expenses. There is nothing you need to do to add the rollover to your account. If you end up with $620 or less in unreimbursed funds after the end of the current plan year, those dollars will automatically carry forward to the next plan year.

Additional details:

  1. $620 is the maximum rollover amount. Any unused FSA amounts in excess of $620 remaining at the end of the plan year must be forfeited. Note that the 90-day Claims Runout Period still applies. Claims incurred during the prior plan year can still be submitted up to 90 days after the plan year ends (up to the full balance and not limited to $50). The rollover would work to protect any dollars left after the Claims Runout Period, up to the $620 maximum.
  2. The rollover does not affect your maximum election for the year. No matter what amount rolls over from one plan year to the next, you may elect up to the maximum salary reduction for your FSA .
  3. The $620 rollover is not cashable and can not be used for any other benefit offered under the plan. It can only be used to reimburse qualified medical expenses in the following year.
  4. The rollover is not a one-time event. $620 is the total rollover maximum that applies at the end of your plan year. Assuming you continue to be a participant, you can continue to rollover up to $620.
  5. Note regarding HSA eligibility: If your spouse’s employer offers a High Deductible Health Plan and HSA bank account option that you intend to use in the next plan year, the rollover could impact your eligibility to make HSA contributions immediately after the end of the FSA plan year. Generally, if your rollover FSA funds into the next plan year, you would be ineligible for HSA contributions. As such, the following options are available to preserve HSA eligibility:

(a) If your account balance at the end of the plan year is $0 and nothing is eligible for rollover, you would be eligible for the HSA immediately upon end of FSA plan year;
(b) You could elect to forfeit any FSA rollover amount to preserve HSA eligibility; or
(c) Your plan offers a Limited FSA option for dental/vision expenses only, and you could elect to rollover your unused FSA funds to the Limited FSA to preserve HSA eligibility.

Changing Salary Reduction amount

You can NOT change your election during the plan year unless you have a “Change in Family Status”.

Changes in Family Status include the following:

  • Legal Marital Status: marriage, death of spouse, divorce, legal separation, annulment
  • Number of Dependents: birth, death, adoption, placement for adoption
  • Employment Status: with respect to the employee, spouse or dependent, a termination or commencement of employment, a strike or lockout, commencement or return from unpaid leave of absence, a change in work site, or similar circumstances
  • Dependent Satisfies or Ceases to Satisfy the Eligibility Requirement: student status, dependent no longer qualifies because of age, or similar circumstances
  • Residence: change in place of residence of employee, spouse or dependent
  • You may change your Dependent Care Flexible Spending Account (DFSA) election amount if the provider changes the cost of the care, so long as the provider is not your relative.
  • You may change your DFSA election if you change providers and the new provider charges more (or less) for care.
  • You may change your DFSA election amount if you begin or stop sending your dependent to day care.

Cost of Benefit

The only cost is the amount of money you elect to contribute to the plan.

G&W contributes to your FSA if you enroll in the G&W Medical  PPO Plan:

      • Employee only $750 annually
      • Employee, Spouse or Children Vaccinated – $1,000

Advantages of Flex Plan participation

Tax Savings
You pay no Social Security (FICA), and no federal or state (Exceptions: NJ and PA) income tax on dollars routed through the plan.

Immediate Savings
Tax savings are immediate (rather than coming once a year at tax time) since each paycheck reflects lower tax withholdings.

Disadvantages of Flex Plan participation

Your Social Security benefits may be reduced since you will be paying less Social Security taxes.

Checking my balance online

You can visit the following website address to check your account online:

healthequity.com/contact.aspx

You will need to:

  • Select Participant Login
  • Select Create an Account
  • Enter name, employee id (your social security number), employer id or your card number
  • Create a new user id and password

 

Online Forms & Documents

FSA Enrollment Form
FSA Reimbursement Form
FSA Contributions
Guide to Allowable FSA Expenses
HSA Enrollment Form
HSA Reimbursement Form
Change of Personal Information Form
Beneficiary Change Form