How to use your HSA/FSA funds with Truemed
FAQs
How does using my HSA/FSA account save me money?
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.
What are FSA and HSA accounts?
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.
Can I use my HSA/ FSA card at A2 Bikes?
We do not recommend attempting to checkout with your HSA/FSA cards for compliance purposes. We strongly encourage simply transacting with your normal credit or debit card, and submitting for reimbursement as outlined above for the greatest likelihood of success.
How long does HSA or FSA reimbursement take?
For most FSA/HSA administrators, your expenses will be approved within days when you submit your claim for reimbursement along with your receipt and a Letter of Medical Necessity. The exact timing will vary based on your administrator.
What is a Letter of Medical Necessity, and how is this compliant?
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.
I don’t have enough funds in my HSA/FSA account to reimburse the entire purchase. Can I still use Truemed?
Yes. You can still submit for partial reimbursement. For example: if you purchase an eligible item for $100 but only have $60 in your account, you can reimburse $60 of your purchase with your tax-free funds (with the remaining $40 paid for as normal).