Once a participant terminates, their Ameriflex debit card will be deactivated on the termination date you entered in your Ameriflex account. This will ensure that participants do not use the account for expenses incurred beyond the termination date.
With the exception of commuter accounts (parking and transit) and health savings accounts (HSA), all terminated participants are given a run out period for their plans.
Run out periods provide extra time for participants to get reimbursed for qualified expenses incurred during employment. This can be applied to flexible spending accounts (FSA), limited purpose FSAs, dependent care FSAs, and health reimbursement arrangements (HRA). For example, if a terminated participant’s run out period lasts until March 31, they can file claims up to that deadline for expenses that were incurred before they were terminated.
Click here to confirm the length of your run out period for terminated employees.
Once the run out period expires, the participant’s account will be fully terminated, and all remaining funds will be forfeited to the employer.