Termination of Employment
Medical
Care Account
If your employment terminates before the
end of a calendar year and there are funds remaining in your Medical Care
Account, you may take one of the following actions.
·
Choose
not to continue coverage. In this case, you have until the end of the month of
your termination to incur eligible expenses.
·
Request
remaining plan year contributions be reduced from your final paycheck on a
pre-tax basis. In this case, you have until the end of the calendar year to
incur eligible expenses.
·
Elect
COBRA continuation and pay the remaining plan year contributions with after-tax
dollars. However, if your account has a negative balance at the time of
termination, COBRA will not be offered. If you elect COBRA, you have until the
end of the Plan Year to incur eligible expenses.
Dependent
Care Account
Your participation in the Dependent Care
Spending Account ends the date of your termination of employment. Additional contributions
to the Dependent Care Accounts after employment terminates are not allowed.
Dependent Care expenses can continue to be incurred during the Plan Year.
For
information or personal assistance, please contact our Benefits Department by
clicking HERE.
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