How to pay with your pre-tax HSA/FSA money
Frequently Asked Questions
Truemed partners with merchants and brands to enable qualified customers to use HSA/FSA funds on products and services that are used to treat, mitigate, or prevent a diagnosed medical condition.
Truemed partners with a network of practitioners who evaluate customers' eligibility and issue Letters of Medical Necessity to qualifying customers.
Health savings accounts (HSA) and flexible spending accounts (FSA) are programs that allow you to set aside pre-tax dollars for eligible healthcare expenses. If you’re unsure whether or not you have an HSA or FSA account, please check with your employer or insurance company.
HSA/FSA accounts were created so individuals could use pre-tax money to pay for expenses used to treat, mitigate, or prevent a diagnosed medical condition. Because HSA/FSAs use pre-tax money, you’re getting more purchasing power for your dollars. Rather than pay taxes on income and then spend it on health items, qualified customers can use pre-tax funds to invest in their health.
An individual can contribute up to $4,150 pretax to their HSA per year, or $8,300 for a family (plus an additional $1,000 if you are at least 55 years old. Individuals can contribute up to $3,200 pretax to their FSA per year (with an additional $500 in employer contributions allowed).
The items in your Truemed Letter of Medical Necessity (“LMN”) are now qualified medical expenses in the same way a visit to the doctor’s office or pharmaceutical product is.
There are thousands of studies showing food and exercise is often the best medicine to prevent and reverse disease. Exercise qualifies as a qualified medical expense with an LMN. Food, supplements, and other wellness purchases qualify as medical expenses if they treat or prevent an illness, and a doctor substantiates the need. Your Truemed LMN satisfies all IRS requirements to make your wellness spend fully reimbursable.
There is no cost to you, as long as you are shopping with a Truemed partner merchant.