Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) are tax-free accounts that can be used to pay for qualified health expenses. These accounts are usually set up and managed by an HSA or FSA administrator, and you should have access to said HSA/FSA administrator through your employer (ask your HR department!).

HSAs are typically associated with a high-deductible health plan, and funds do not expire. FSAs are independent of your health plan, and funds elections occur in October-November each year for the following calendar year. FSA funds expire every calendar year.

Unfortunately, HSAs and FSAs are not available outside of the US, and self-employed individuals (who do not have an HSA from a previous employment) do not qualify for HSAs or FSAs

Truemed partners with merchants and brands to enable qualified customers to use HSA/FSA funds on qualified products and services that are used to treat, mitigate, or prevent a diagnosed medical condition. Truemed partners with a network of individual practitioners who evaluate customers’ eligibility and issue Letters of Medical Necessity to qualifying customers, thereby saving customers money on legitimate medical expenditures.

Truemed is backed by best-in-class investors, including functional medicine pioneer Mark Hyman and founders from Thrive Market, Eight Sleep and Levels.

What does Truemed look like in action?

Reimbursement flow video walk through
Payment integration flow video walk through

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 $3,850 pretax to their HSA per year, or $7,750 for a family (plus an additional $1,000 if you are at least 55 years old Individuals can contribute up to $3,050 pretax to their FSA per year (with an additional $500 in employer contributions allowed). Almost every qualified individual will save between $1,000 and $2,000, depending on their state and tax rate.

In order to determine whether certain products or services are legitimate expenses for treating, mitigating, or preventing a diagnosed medical condition, HSA/FSA plan administrators often require a letter from a licensed practitioner. This letter is called a “Letter of Medical Necessity.”

Using your HSA/FSA funds on eligible products or services sold by Truemed’s partner brands can result in significant savings. HSA/FSA accounts allow you to use pre-tax dollars to purchase products and services to treat, mitigate, or prevent the specific medical conditions that you have been diagnosed with.

Unfortunately, Truemed’s services are for individuals who have HSA or FSA accounts (or plan to fund one during open enrollment). We encourage you to ask your employer about information on your HSA or FSA!

Unfortunately, Truemed is currently only available in the United States.