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Benefits Beginner: Flexible Spending Accounts

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1.
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.
2.
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.
3.
Health FSA funds can't be used to pay for ________.
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All of the above. These are all non-covered expenses.
4.
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.
5.
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.