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Do You Know the Rules for Flexible Spending Accounts?

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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

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

Question 3 of 12

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

  • ATrue
  • BFalse

Question 4 of 12

Your employer can also contribute to your health FSA account.

  • ATrue
  • BFalse

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

Question 6 of 12

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

  • ATrue
  • BFalse

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

Question 8 of 12

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

  • ATrue
  • BFalse

Question 9 of 12

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

  • ATrue
  • BFalse
  • CIt depends

Question 10 of 12

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

  • ATrue
  • BFalse

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

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.
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