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Benefits Beginner: Flexible Spending Accounts

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1.
Health FSA funds can't be used to pay for ________.
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All of the above. These are all non-covered expenses.
2.
A health FSA can be used to cover over-the-counter medication costs.
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True.
3.
When using your dependent care flexible spending account funds, you can get money _______.
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After you pay an invoice for qualified care provided for dependent children or adults. You must then submit a receipt to your FSA administrator.
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 funding a dependent care flexible spending account, there are no limits on how much you can contribute.
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False. The IRS sets a limit each year on your contribution.