HSAs and FSAs were created for you to spend tax-advantaged dollars on products and services that can alleviate or prevent specific medical conditions and TrueMed is making it easy to do just that. All you have to do is add products to your cart, select TrueMed as your payment option at checkout, enter your HSA or FSA debit card, and take a quick health survey to determine eligibility.
Frequently Asked questions (FAQ)
What is an HSA/FSA account?
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
What is Truemed?
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?
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- **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.
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.
What is a Letter of Medical Necessity?
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.”
Why should I use my HSA/FSA funds with Truemed’s partner brands?
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.
I don’t have an HSA/FSA. Can I still benefit from Truemed?
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!
I don’t live in the US. Can I still get reimbursed with Truemed?
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Can I use my HSA/FSA card at checkout?
Yes! You can use your HSA/FSA card. Once you pay with your card and complete the survey, all you need to do is keep an eye out for the Letter of Medical Necessity that we will send you, and hold onto it for the next 3 years.
Can I use my regular credit card at checkout?
If you prefer to use your regular credit card, you are welcome to do that and we will send you instructions for how to submit for reimbursement from your administrator. Check out this article to get a comprehensive understanding of the reimbursement process.
How long does it take for me to receive my Letter of Medical Necessity?
Generally it takes 24-48 hours. If you aren’t seeing your letter in your inbox, check spam, then reach out to us at support@truemed.com for help!
If I am not approved, what happens?
If you do not qualify, you are able to reapply for HSA/FSA spending at a later date.
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I don’t have enough funds in my HSA/FSA account to cover the entire purchase. Can I still use Truemed?
You can occasionally request a split invoice from the merchant that you are making a purchase from, but like your normal bank account, you generally need to have the funds to cover the purchase to avoid a rejection.
What if my HSA/FSA payment is rejected by my administrator?
Please contact us at team@truemed.com so we can help you troubleshoot the issue. HSA/FSA plan administrators often have detailed requirements, so it may be as simple as re-issuing your Letter of Medical Necessity using the administrator’s form.
What if I haven’t contributed to my HSA/FSA. Will I still be able to maximize my savings?
For most Americans, open enrollment is in the last four months of the year. Simply elect to increase contributions to your HSA or FSA during this time and you can begin shopping with Truemed merchant partners. Starting on January 1st, qualified individuals will be able to spend their entire HSA or FSA amount on products that a licensed practitioner recommends to treat, mitigate, or prevent a specific, diagnosed medical condition. These funds will be pulled from your paycheck, prior to tax withholding, by your HSA/FSA administrator in equal installments through the year.