Flexible Spending Accounts
Flexible Spending Accounts (FSA) let you set aside money from your paycheck on a pretax basis to use for eligible out-of-pocket expenses. Employees must elect to participate in these plans annually.
Employees are given the opportunity to enroll in this optional benefit each year during Open Enrollment. FSAs do not automatically renew. Annual enrollment is required each year.
There are three types of FSAs:
- Health Care FSA can pay for eligible medical, dental, vision, hearing, and prescription drug expenses for you, your spouse, and your eligible tax dependents.
- Dependent Care FSA can pay for eligible child and adult care expenses such as daycare, before and after school programs, preschool, and summer day camp.
- Limited Purpose FSA is the only compatible FSA option for employees with a Health Savings Account (HSA). Pays for eligible dental and vision expenses.
Check out the FBA Video Library for how to’s and insight.
Get Connect with your FSA…
Wherever, whenever. Introducing… our convenient participant web site! With the online WealthCare Portal, you can view your account status, submit claims, and report your benefits card lost or stolen right from your computer. Once your account is established, you can use the same user name and password to access your account via our Mobile App!
Health Saving Accounts (HSA)
A Health Savings Account (HSA) is a tax savings medical account available to employees enrolled in a High Deductible Health Plan (HDHP). Unlike an FSA, funds in your HSA roll over year to year.
Each year an annual limit is set by the government (for 2021, the limit is $3,600 for employee-only coverage and $7,200 for family coverage). HSA funds may be used to pay for medical expenses before or after the deductible has been met, and no tax is owed on funds withdrawn from an HSA to pay for eligible medical expenses. HSAs are individually owned and the account remains with an employee after employment ends.
Learn more about the Health Savings Account (HSA) with Anthem.