Anthem is Ball State's Flexible Spending plan administrator.
Enrolling in a Flexible Spending Account (FSA) lets you put pretax money aside for out-of-pocket health expenses (doctor’s visits, prescriptions, dental services, eye exams, etc.) for you and your IRS tax dependents.
You can pair a General Purpose Healthcare FSA with your High Deductible Wellness health plan coverage. In fact, you don’t have to be enrolled in a University health plan to open an FSA.
If you are enrolled in the HSA Qualified Health Plan, you will want to open a Health Savings Account; however, you also can open a Limited Purpose FSA only for dental and vision expenses. You can participate in a Dependent (child care) FSA no matter which health plan option you enroll in.
The maximum allowable FSA contributions for 2020 are:
- Healthcare FSA = $2,700
- Dependent (child care) FSA = $5,000 per household
- For a General Purpose Healthcare FSA and a Limited Purpose FSA, your full election amount is loaded onto a VISA debit card and is available for your use Jan. 1; even if you spend your full election amount that day, deductions are still spread out over the full year.
- You have from Jan. 1, 2020, until March 18, 2021, to use your 2020 FSA election. Funds not spent during this time period will NOT roll over, which is why an FSA is known as a “use it or lose it” account. You should budget your expense carefully, especially if it is your first year using an FSA.
- You can submit claims for reimbursement via mail, fax, and online if you are unable to use your debit card at the time of purchase.
- If you terminate from the University, you can only be reimbursed from your FSA for expenses incurred before midnight of your termination date.
- Biweekly 12 month employees have their premiums deducted from each paycheck.
- Biweekly 10 month employees have their premiums deducted from each regular pay period, excluding summer.