NORFOLK, Va. — If you have a flexible spending account, time is running out for you to use your money.
Most folks only have about two weeks left to use whatever money they have in their FSA before the end of the year.
Dr. Anna Peoples, Pharmacist and Owner of Peoples Pharmacy in Norfolk, said she gets a number of questions from her customers about what they can and can't buy.
"They are coming in, asking for advice and then they pull out their card and say, 'well would this card pay for this?'" she said.
If you have health care through your employer, an FSA is money set aside that covers out-of-pocket medical expenses like co-pays and deductibles, but also a lot of over-the-counter medicine like vitamin C gummies or Mucinex and cough syrup.
"My recommendation is [that people] invest in products that would get them through their bout with COVID or the flu or a severe cold," Dr. Peoples said.
Being prepared is especially important recently as the CDC reports the flu, RSV, and COVID-19 are increasingly high for this time of year.
Local health care systems and Dr. Peoples confirm the same.
"Do you have a scratchy throat? Get zinc lozenges. That will automatically reduce the viral load and keep the virus from setting up house in your lungs," she said.
Zinc lozenges, by the way, can be bought with your FSA money.
If your medicine cabinet is up to date, you can also buy feminine products or pregnancy tests, medical equipment like crutches, and diagnostic devices like blood sugar test kits.
"Just have it already there so you can get yourself better," Dr. Peoples said.
A good rule of thumb is to always check your health plan and with your employer because some accounts may have a rollover option for money that's not used by the end of the year.
Looking ahead to 2023, there will be a $200 increase, maxing out voluntary contributions at $3,050.
