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Benefits Beginner: Flexible Spending Accounts

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1.
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.
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.
A health FSA can be used to cover over-the-counter medication costs.
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True.
4.
A flexible spending account is an employee benefit offered by all employers.
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False. FSAs are very common employee benefits, especially among large employers, but not all employers offer them.
5.
When estimating how much to contribute to a medical flexible spending account, consider _______.
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Both A and B. Both of these options will give you an idea of how much you will need to set aside.