Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are tax-advantaged accounts designed to cover eligible healthcare expenses. These accounts are typically set up and managed by an HSA or FSA administrator, which you can usually access through your employer—check with your HR department for details!

HSAs are linked to high-deductible health plans and offer the benefit of funds that never expire. FSAs, on the other hand, are not tied to a specific health plan, but require an annual fund election in October-November for the upcoming calendar year, with unused funds expiring at year-end.

It’s important to note that HSAs and FSAs are only available in the U.S. and are not an option for self-employed individuals unless they have an HSA from a previous employer.

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.

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.

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.

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 you do not qualify, you are able to reapply for HSA/FSA spending at a later date.

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.

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.

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.