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Benefits Beginner: Flexible Spending Accounts

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1.
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.
2.
Flexible spending accounts are funded through _______.
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Payroll deduction. Deductions are taken out of employee paychecks.
3.
If your employer allows you a grace period to use your flexible spending account funds, then you must use your funds by _______.
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Two-and-a-half months after the calendar year ends. This is a grace period allowed by the IRS.
4.
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.
5.
A health FSA can be used to cover over-the-counter medication costs.
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True.