The grace period gives participants additional time after the end of the plan year to submit claims incurred from the prior plan year.
Yes
No
Cards 2
The amount an FSA participant contributes to a health FSA is not taxable, rather the amount that is paid out of the health FSA to reimburse an eligible expense is taxable.
Yes
No
Cards 3
The FSA run-out period is the additional time participants have to incur medical expenses.
Yes
No
Cards 4
The uniform coverage rule means that the full amount of the participants health FSA election must be available as of the first day of coverage under the FSA plan.
Yes
No
Cards 5
The use it or lose it rule means employees have to use the full amount of their FSA funds by the end of the plan year, or the funds are forfeited to the plan.
Yes
No
Cards 6
If offered, the maximum length of an FSA grace period is two and 1/2 months.
Yes
No
Cards 7
The amount that can be paid out as a reimbursement under a health FSA is limited to the amount the participant has contributed up to that point, less any prior reimbursements.
Yes
No
Cards 8
The FSA run-out period is the additional time participants are given to submit claims for expenses from the prior plan year.
