Do You Know the Rules for Flexible Spending Accounts?

Health Writer
Question 1 of 12

A flexible spending account (FSA) lets you set aside money, tax free, from your paycheck to cover medical bills that aren’t covered by health insurance. That includes:

ADeductibles and copayments
BDental bills
CEyeglasses and contact lenses
DAll of the above
ADeductibles and copayments
BDental bills
CEyeglasses and contact lenses
DAll of the above
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Question 2 of 12

For 2018, how much of your salary can you contribute tax-free to a health FSA?

A$2,000
B$2,300
C$2,650
A$2,000
B$2,300
C$2,650
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Question 3 of 12

If you and your spouse both work, you can both have health FSAs.

ATrue
BFalse
ATrue
BFalse
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Question 4 of 12

Your employer can also contribute to your health FSA account.

ATrue
BFalse
ATrue
BFalse
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Question 5 of 12

You can use your health FSA to pay for qualified expenses for yourself, your spouse, and your children up to what age?

A18
B21
C26
A18
B21
C26
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Question 6 of 12

You can use your FSA to pay your health insurance premiums.

ATrue
BFalse
ATrue
BFalse
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Question 7 of 12

You can use your health FSA to pay for over-the-counter drugs, such as cold medicines and pain relievers.

ATrue
BFalse
ATrue
BFalse
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Question 8 of 12

You can’t have a health FSA if you’re self-employed.

ATrue
BFalse
ATrue
BFalse
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Question 9 of 12

You can have both a regular health FSA and a Health Savings Account (HSA) at work.

ATrue
BFalse
CIt depends
ATrue
BFalse
CIt depends
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Question 10 of 12

You have to report your health FSA contributions on your income tax return.

ATrue
BFalse
ATrue
BFalse
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Question 11 of 12

You can begin making withdrawals from your FSA at the start of the plan year, even if you don’t have that much money in the account yet.

ATrue
BFalse
ATrue
BFalse
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Question 12 of 12

What happens if you don’t spend all the money in your account by the end of the year?

AYou lose it, period.
BYou can carry your balance over into the next year.
CYou can carry over up to $500, if your employer allows it.
AYou lose it, period.
BYou can carry your balance over into the next year.
CYou can carry over up to $500, if your employer allows it.
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