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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.
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.
3.
Dependent care FSA funds can be used for expenses including ________.
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Adult daycare for an elderly or disabled dependent. Overnight camp for a child, however, is not covered.
4.
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.
5.
A health FSA can be used to cover over-the-counter medication costs.
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True.