Cobra Notice For Fsa
Description
How to fill out Cobra Notice For Fsa?
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FAQ
COBRA premiums are not eligible under a flexible spending account (FSA). They are eligible under a health savings account (HSA), and may be eligible under a health reimbursement arrangement (HRA).
How does it work? Once you've elected COBRA coverage, you'll continue to make contributions to your FSA on a taxable basis and your entire FSA balance will be available for you to use on FSA eligible expenses.
The employer will need to offer COBRA regardless of whether the account is over- or underspent. If an employee does not elect COBRA upon termination, he or she cannot access the FSA funds once terminated (except for claims incurred prior to termination date), and any balances are forfeited.
Any unused money in your FSA goes back to your employer once you leave your job. If you have a healthcare FSA, you could have the option to continue access to your funds through COBRA. But you can't use your FSA contributions to pay for health insurance premiums either through COBRA or in the private market.