Glynn Griffing & Associates has compiled a list of Frequently Asked Questions that have come from Employers and Human Resource Directors. Should you have a question not listed here, please feel free to contact us through this website or call our office.
Q: Where can I get a “Year to Date” report for our Flexible Spending Accounts?
A: View our training video on how to access this report here.
Q: Can an employee and their spouse both enroll in a Medical Reimbursement Account in their respective places of employment?
A: Yes. Each employer determines the medical annual maximum for all their employees. Beginning in 2013, the IRS will limit Medical Reimbursement Accounts to $2,500.00* per employee.
*The limit is indexed for inflation based on the CPI (Consumer Price Index) beginning in 2014. The limit for plan years beginning on or after January 1, 2017 is $2,600.
Q: How do I calculate the new pay period amount after an employee qualifies to make a change due to an eligible status change?
A: Subtract the Participant’s year to date contribution from their new annual election, and then divide by the remaining pay periods in the year. Example: $1200.00 is the new election. The Participant has already contributed $400.00. If you have 4 remaining pay periods, $200.00 would be the new pay period election.
Q: Can an employee transfer money from their Dependent Care account to the Medical Reimbursement account:
A: No, this is not allowed under IRS regulations.
Q: How does a Participant report a lost or stolen Debit Card?
A: The Participant must call our office at 601-982-0331. The current Debit Card will be cancelled and a replacement card will be issued. Please note that the Participant’s mailing address must be current with Glynn Griffing & Associates prior to having a new card issued.
Q: Can an extra Debit Card be ordered for a Participant’s dependent?
A: Yes. The employee should contact Glynn Griffing & Associates to order an additional card in their dependent’s name.
Q: Why do employees have to furnish documentation on some debit card swipes for medical expenses (Example: doctor’s office, hospital or dentist’s office)? Isn’t it obvious what it was for?
A: Even though the debit card will work in offices that have the proper medical codes, the IRS still wants to know the nature of the expense.