Flexible Spending Account
Group Dynamic
Flexible Spending Accounts (FSA) allow you to set aside pre-tax dollars to pay for eligible health care and dependent care expenses that may not be covered by insurance.
Health Care and Dependent Care Reimbursement Accounts
The plans provide a significant tax break because you pay for these expenses with your pre-tax dollars, as opposed to paying for them with money that has already been taxed. The money you deposit is exempt from both Federal Income and Social Security Tax. Your deposit is deducted from your salary each pay before taxes are calculated, so you pay taxes on a reduced amount.
How Do I Get Reimbursed?
Estimate your expenses for the coming plan year. Identify an annual election that you are comfortable with. This amount will be divided evenly over your payroll during the course of the year on a pre-tax basis and contributed to your health care and or dependent care accounts. When you have expenses to be reimbursed, simply submit a completed reimbursement form via mail, fax or directly online at www.gdynamic.com indicating that the expense has been incurred during the plan year, along with an itemized receipt or a bill from the provider showing your responsibility.
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- You should submit your claims on a regular basis. Eligible expenses must be incurred between January 1, 2017 and March 15, 2018.
- If you do not use all of the funds in your account, you will lose these funds.
- Expenses paid through the reimbursement account cannot be claimed as tax deductions or tax credits.
- You MUST re-enroll in the FSA Each Year.
Your Debit Card
A debit card will be issued to simplify reimbursement processing for Health Care accounts, allowing you access to your FSA pre-tax deductions. When you incur an eligible health care expense, you may choose to utilize your debit card rather than paying out of pocket and waiting for reimbursement.
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- Please be sure to retain all proper documentation for verification purposes. Proper documentation would include your Explanation of Benefits (EOB), a detailed invoice from your provider showing your responsibility or and itemized receipt from a merchant. Canceled checks or credit card statements are not considered proper receipts.
Enroll in UltiPro then Create Your Account
- After the first of the year, and your enrollment information has been received at Group Dynamic, go to www.gdynamic.com click on “Participant Login” at the top left side of the screen.
- Enter your Username and Password, or click on New User to create your Username and Password.
- Use the GDI Portal to upload receipts and track expenses, view account activity, balances and claim history, set text message alerts for claim and payment alerts, and download the GDI Mobile app.
Health Care FSA vs. Dependent Care FSA
Saving With a Health Care FSA
In this example, you would have saved $440 if you put the $2,550 that you were going to spend anyway in the Health Care FSA program.
Saving With a Dependent Care FSA
Paige, who is married, contributes $5,000 to a Dependent Care FSA and uses that money towards child day care expenses throughout the year.