TrueMed: Use Your Pre-Tax HSA/FSA Funds on Exercise Equipment

It’s that time of year, where I will soon remind you to use up your Healthcare Flexible Spending Account (FSA) funds before they expire. However, if you somehow have a large unused balance that you can’t offset with sunscreen and cold medicine, you may be interested in the possibility of using it towards exercise equipment.

While shopping for a Zwift smart trainer bike, I came across a new checkout option called TrueMed that lets you “pay with HSA/FSA”. TrueMed claims to “unlock tax-free HSA/FSA spending for the leading exercise, healthy food and supplement companies”.

In order to use your HSA/FSA funds on these types of things, you need a Letter of Medical Necessity (LMN) – a signed document from a licensed healthcare provider that asserts that a product, treatment, or device is medically necessary for a patient. The LMN is valid for one year from the date it’s signed. It appears TrueMed provides the LMN after you fill out their online questionnaire. In some cases, I notice that they will charge you a fee like $15 to take the online questionnaire.

There is a movement redefining healthcare, focusing on proactive, root-cause solutions like fitness, nutrition, and innovative health technology. When you shop with Truemed merchants, you can seamlessly qualify for a Letter of Medical Necessity (LMN), enabling you to use pre-tax HSA/FSA funds for these transformative health interventions—saving you an average of 30%.

I have not tried TrueMed, and I have not submitted a claim for any exercise equipment using their Letter of Medical Necessity. In the end, it is still dependent on your specific claims administrator to approve the claim and accept the documentation you provide. I’ve come across a few examples of rejections, but also other reports that TrueMed later adjusted their practices in order to qualify. They appear to work with you:

My Claim Was Denied… Now What?

If you receive an alert of a denied claim, we are here to help! To best support you, please compile the following information.

– Denied Claim Information
– A screenshot or copy of the denial notice. This should include the denial reason clearly stated and also the denial code, if provided.
– The name of your HSA/FSA administrator, if not clearly shown on the denial notice.

Once you have this information compiled, please email support@truemed.com and include this information in the email body.

At the same time, check out this IRS alert: Beware of companies misrepresenting nutrition, wellness and general health expenses as medical care for FSAs, HSAs, HRAs and MSAs.

This may be worth further investigation if you are already committed to a specific exercise program or equipment. As a checkout option, I like that it should come into play after you grab any other available discounts. I’ve historically had bad experiences with FSA claims administrators, so I would tread carefully.