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Benefits Beginner: Flexible Spending Accounts

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1.
A health FSA can be used to cover over-the-counter medication costs.
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True.
2.
You may be able to access your health flexible spending account funds with a _______.
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Any of the above. These are all options offered by many employers.
3.
When you fund a flexible spending account, your employer takes those funds out of your pay _______.
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On a before-tax basis. This means that FSA funds do not incur taxes as they are taken out.
4.
Health FSA funds can't be used to pay for ________.
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All of the above. These are all non-covered expenses.
5.
When you fund either a medical or dependent care flexible spending account, you can carry funds over from one year to the next with no limit.
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False. IRS rules do not allow this beyond a certain limit, which often rises year to year.