If you have remaining funds in your FSA, LPFSA, DCFSA, Transit, or Parking accounts when your employment ends, you may be eligible for a post-termination run-out period. This gives you extra time to submit claims for expenses incurred before your termination date. The duration of the post-termination run-out period is determined by your employer.
While you may have a post-termination run-out period to submit claims for expenses incurred before your termination date, please note that pre-tax funds cannot be used for new expenses. You'll continue to have access to your Forma account to file claims, but your Forma Card will be deactivated on your termination date.
You may be able to elect COBRA to continue your plan coverage through the end of the plan year. During this time, you can submit claims and continue to use your pre-tax Forma card. COBRA only applies to Health FSA, LPFSA or HRA. If you don't elect COBRA, any money left in your account stays with your employer. Please check with the company's Human Resources department to see if your plan is subject to COBRA.
What about an HSA?
HSAs are different from the other kinds of pre-tax accounts because you own your HSA, not your employer. Even when you leave the company, you keep ownership and access to that money.
You can continue using your Forma account to manage your HSA even after your termination date, and we'll send you an email with more information. You will receive a new Forma card if you had a non-HSA pre-tax account prior to termination. You will NOT receive a new Forma card if you only had an HSA account. You can also transfer your HSA to another custodian.
Please ensure you have a personal email associated with your Forma account so we can contact you after termination.