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What happens to my FSA after termination.

Article ID: 24107 Email Print
I lost my job. What happens to my FSA?


Your FSA is an employer sponsored plan.  Even though you may still have funds remaining and access to your AmeriFlex Convenience Card, your participation in the plan ends on the day you separate from your employer.  You have a 90 day "run out" period from your official separation date to submit claims for eligible plan expenses incurred prior to the separation date.  Expenses incurred after the separation date are not eligible.  Provided the expenses your are claiming are eligible under your plan, you may claim up to your full election amount, regardless of how many repayment contributions you've made.    Most likely, your employer will deactivate your AmeriFlex Convenience Card after your separation date, so you will need to  submit a manual claim for your expenses.  However, should your card remain active after separation from your employer, you will be responsible for repaying any charges for ineligible expenses made after your separation date.  Any funds remaining after your 90 day run out period ends are forfeited without exception.

If you participate in a DCA (Dependent Care Account,) or Commuter Transit Account (Transit/Parking) the same rules as listed above apply.  For Transit/Parking expenses, the IRS mandated monthly maximum reimbursement amounts still apply to periods of service being claimed, including expenses previously claimed/charged during those periods while an active employee.  Transit/Parking expenses can be no older than 180 days (6 months) from the date of claim submission.

If you participate in an HSA (Health Savings Account,) which unlike other employer sponsored plans is an actual bank account, you will receive correspondence from your HSA's custodial institution (bank) with instructions on how to continue your HSA.

If you participate in an HRA, your run out policies may vary, as all HRA's are different.  Please see your employer's HR/Benefits specialist, or talk to an AmeriFlex representative, for details on the run out policies of your HRA.

You also may be able to continue your FSA and/or HRA plan(s) via COBRA after termination.  Please see your employer's HR/Benefit specialist for details.  Dependent Care, Transit, and Parking benefits are not "health care" benefits and therefore unable to be continued via COBRA.

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Views:32381 Created on:Nov 02, 2012

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