Flexible Spending Account (Health FSA) and Dependent Care Assistance Program (DCAP):
- Health FSA and DCAP contributions end with your last paycheck. If you have funds remaining in your Health FSA, you can submit claims for expenses incurred between January 1 of the current year and your termination date. You have until March 31 of the following year to submit them. For DCAP, you can submit claims for expenses incurred between January 1 and December 31 of the current year. You have until March 31 of the following year to submit them. Any money that remains in your Health FSA or DCAP accounts after March 31 of the following calendar year is forfeited, as required by IRS regulation.
Health FSA only: You may be eligible to elect the Health FSA through COBRA continuation. Since there are no tax savings on contributions made to the Health FSA through COBRA (contributions are made on an after-tax basis), you are encouraged to consult with your tax advisor to determine if electing Health FSA COBRA will be beneficial.
Information and claim forms are available on the My Health Benefits Web site or contact an Intel Health Benefits Representative at (877) GoMyBen (877-466-9236)