If you participate in a flexible spending account (FSA), your plan is employer-sponsored. Even though you may still have funds remaining and access to your MyAmeriflex 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 you 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 MyAmeriflex 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 are forfeited without exception.
If you participate in a DCA (dependent care account), 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.
If you participate in a transportation benefits program (CRA), the IRS prohibits you from submitting manual claims for reimbursements and all expenses must be paid for using your MyAmeriflex Card. As soon as your employer deactivates your card following your termination, your funds will no longer be accessible.
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 (health reimbursement account), your run out policies may vary, as all HRAs 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 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. DCA and CRA benefits are not "healthcare" benefits and therefore are unable to be continued via COBRA.