When you left Intel as a qualified U.S. retiree, Intel established a Sheltered Employee Retirement Medical Account (SERMA) account for you based on your Intel years of service. The fund is established at the time you retire and there are no additional funds added after retirement. See SPD Summary Plan Description for full details of usage of SERMA
This account is exclusively to reimburse you for eligible medical insurance premiums. SERMA is a Health Reimbursement Arrangement subject to IRS rules. Since SERMA is a Health Reimbursement Arrangement (HRA), it is not considered taxable income; no W2 or 1099 is issued to retiree for the year(s) in which SERMA funds are used. See IRS Publication 969
You can use the SERMA credits in your account to reimburse yourself for eligible healthcare premium expenses for you, your qualified dependents and spouse/domestic partner until the balance is exhausted. There is no cash value
Governance of the SERMA Plan is based on the SPD Summary Plan Description, section 8. Bookmark it! You will find complete program information in this document as well as the My Health Benefits website. Click on the Intel Retiree tab. In the event of any discrepancy between the information provided on this site and the SPD Summary Plan Description, the SPD will prevail.
For new retirees, the Your Spending Account/SERMA tab will be available to you 45 – 60 days after retirement
Features
The SERMA plan year runs each year from January 1 – December 31. There is a SERMA annual run-out period each year, May 31 of the following year. You may submit a claim for reimbursement of an eligible premium incurred during the plan year as long as:
- You are still eligible for SERMA
- You haven’t opted out of SERMA for the plan year in which the claim occurred
- You file your claim AFTER your health coverage began (i.e. Premium for March paid in February cannot be reimbursed until March 1)
- You file your claim before the run-out period ends May 31 the following year. For example, May 31, 2021 would be the filing deadline for the year 2020
Run Out Period
- All receipts and claims should be filed by May 31 of the following year
- You have the option to use SERMA to pay for all or part of your IRMP premium or to reimburse yourself for the cost of other eligible health insurance premiums. There are flexible options for filing monthly, quarterly or even yearly.
- Intel reserves the right to terminate your SERMA. Your SERMA account will be considered inactive if not used in 20 consecutive years, See SPD Summary Plan Description for full details of usage of SERMA after your death.
- You may have two SERMA accounts, they work together. Your total credits can be used for your eligible medical premium reimbursements
Important info for non-Medicare retirees –
Non-Medicare retirees with access to SERMA will not qualify to receive Federal premium tax credits to reduce the cost of health insurance purchased through an eligible exchange. You may opt-out of SERMA for the year if you are a non-Medicare retiree and you determine that you are eligible for federal premium tax credits.
SERMA Opt-Out/Opt-In for non-Medicare eligible retirees:
- Non-Medicare retirees with access to SERMA funds will not qualify to receive the Federal premium tax credits. If you are considering using Federal premium tax credits to reduce the cost of health insurance purchased through your eligible exchange, you should seek guidance from a tax advisor to see if your income qualifies you for a premium credit.
- If you are not Medicare eligible and you determine that you are eligible for the Federal premium tax credit, you may “Opt-Out” of SERMA for the year. When you “Opt Out,” your SERMA balance is frozen and you will not be able to use SERMA to pay for Intel or non-Intel sponsored healthcare premiums mentioned above for you or your dependents. You may choose to “Opt Out” of SERMA on two occasions: upon initial retirement, within 31 days of your initial retirement, for the remainder of the current calendar year and during Annual Enrollment for the following calendar year.
- Notify the Intel Health Benefits Center at (877-466-9236), Monday through Friday, 7 am to 5 pm (Pacific)
For more information:
- For SERMA information and tools go to My Health Benefits
- For questions regarding plan information, call the Intel Health Benefits Center at (877-466-9236), Monday through Friday, 7 am to 5 pm (Pacific)
The following links provide information on the official SERMA program and associated resources:
How to Apply for Reimbursement
Submitting Reimbursement Claims
Managing SERMA
SERMA FAQs