Flexible Spending Account

Allowable Expenses

Eligible employees may set aside pre-tax money to cover the following expenses:

• Health care premiums
• Health care expense account
• Dependent care expenses account

Great-West administers the Flex plan which operates on a calendar-year basis, January 1 to December 31 every year. You may make changes in your elections only during the open enrollment period in December unless you experience a status change during the plan year.

Health Care Premiums

• Any premiums you pay for your medical, dental, and/or vision coverage are automatically paid pre-tax. Please contact the HR department if you choose not to have your premiums taken out pre-tax.

Health Care Expenses Account

• If you know how much you will spend on health care each year for you and your family members, you can set aside that money in your Health Care Account. Eligible expenses include such items as co-payments, deductibles, eye exam fees, eyeglasses, contact lenses, and orthodontic expenses. You may set aside $2,600 pre-tax dollars per year.

Dependent Care Expenses Account

• If you pay someone to watch your dependents while you work, you can set aside up to $5,000 pre-tax dollars per year. You and your spouse must each earn more than the amount you set aside.

IRS Rules Apply

• Money set aside for health care expenses cannot be used for dependent care expenses or vice versa.
• You may change your annual election(s) only if you experience a change in status such as marriage, divorce, change in the number of dependents, or change in employment status.
• At the end of the plan year, you forfeit any unspent money in your Health or Dependent Care Accounts.

Enrollment Considerations

• Estimate your expenses conservatively.
• "Use it or lose it."

How often are reimbursement checks written?

• Requests received by Monday are processed that Friday, provided there is money in your account. If not, a check will be generated the Friday following a deposit into your account.
• Checks are mailed to your home on the business day following the check run.

Reports keep you updated

• Your reimbursement checks include an explanation of benefits (EOB) that shows year-to-date deposits, claims submitted, claims paid and the balance for each account.
• Three months before the end of the plan year, you will received an Account Status Report that provides account totals and reminds you to submit any outstanding expenses.

Customer Service

• Great-West's automated phone service is available 24 hours a day at 800-759-4952.
• Service representatives are available Monday through Friday, 6am to 5pm.