Flexible Spending Accounts
To obtain reimbursement of eligible medical and/or dependent care expenses, you must complete a Reimbursement form, attach a written statement or receipt from an independent third party stating that the medical expenses have been incurred and that it has not been reimbursed by any other health coverage, and file it with Glynn Griffing and Associates. Separate accounts are maintained for reimbursements. One is for the medical expenses and the other for the dependent care expenses. Should you have medical expenses in excess of available funds in the medical reimbursement account, you cannot claim against the dependent care account. Participants have until April 15 following the plan year-end in which to request reimbursements for eligible expenses incurred. Any funds that are unclaimed by the April 15 deadline will be forfeited to the plan.
Types of Plans -
Medical Expense Reimbursement Plan - Enables participants to receive
reimbursement for eligible medical expenses. "Pre-tax" salary reductions
are credited to a reimbursement account and are refunded to you as expenses
are incurred. Expenses may include costs for over-the-counter medications,
deductibles, co-insurance expenses not reimbursed through insurance or any
other source, eyeglasses, contact lenses, hearing aids, or any family medical
expenses that would qualify as a deduction on your federal income tax return.
Dependent Care Reimbursement
Plan - This program is generally beneficial for employees who have substantial
dependent care expenses and whose family income exceeds $19,000. Provides
for the reimbursement of eligible employment-related dependent day care expenses.
Expenses may include the costs for in-house or on-site care centers (caring
for six or more individuals) or for at-home services provided by third parties
who meet applicable state and federal law standards. The person being cared
for must be either: a child or other dependent under age 13 who you are entitled
to claim as a dependent on your income tax return, or your spouse or other
legal dependent who is physically or mentally incapable of caring for himself
or herself.
