Spend FSA/HSA money on supplements and your gym membership
Summary:
- FSA/HSA
Use pre-tax healthcare spending accounts at The Smart Fit Method.
- Enroll in Truemed
Use the link we provide to start paying with healthcare.
- Eligible Payments
Use funds for Ultima, Mikuna, and more.
- Fitness is Healthcare
Make it even easier to keep up your training at The Smart Fit Method.
- Your Physical Retirement Plan
Start training today at The Smart Fit Method.
At The Smart Fit Method, we know that fitness is healthcare. Exercise is proven to prevent disease and increase health markers across the board. Lifting weights - like on our Smart Strength ARX machines - increases bone density, decreases blood pressure, and provides a whole range of benefits for your health and longevity.
It seems crazy that health insurance companies wouldn’t want to pay for gym memberships and health supplements, considering how much money it will save us all in the long run to be fit and healthy.
Thanks to The Smart Fit Method’s new partnership with Truemed, you can now spend your FSA/HSA money on supplements and even your gym membership! Applying for the program is easy. Keep reading for more information about how to access your pre-tax FSA/HSA money and use it towards the medicine of fitness.
What purchases are FSA/HSA eligible?
As a rule, only certain things are eligible for Flexible Spending Account (FSA) or Health Savings Account (HSA) reimbursement. Your health insurance provider wants to make sure the things you spend your pre-tax FSA dollars on are going to treat some kind of medical illness.
Qualified FSA/HSA purchases include medications, deductibles, eyeglasses and contact lenses, first aid kits, sunscreen, and other things typically used to treat or prevent diseases. Insurance plans are very strict about what you can purchase because the benefit of using an FSA is no tax on the products.
FSA/HSA funds are an incredibly good thing to have because purchasing these items tax-free results in 30% savings on average.
What can I use FSA/HSA funds for at the gym?
At The Smart Fit Method, we know that fitness is the most effective preventative medicine out there, but until the healthcare industry catches up to us, there are tools you can utilize in the meantime to access FSA/HSA funds.
With a Letter of Medical Necessity from Truemed, products like protein powder, electrolytes, and probiotic drinks can be classified as medically necessary and therefore eligible for purchase with FSA/HSA funds. This makes it more affordable than ever to support your body’s functions with supplements.
But that’s not all a Letter of Medical Necessity can do for you. You can even pay for your gym membership with FSA/HSA funds, making it easier than ever to access top-of-the-line equipment like the models we have in our studios.
Curious about how to get started with Truemed at The Smart Fit method? Keep reading!
Can I use FSA/HSA funds for my gym membership?
When a program like The Smart Fit Method can increase your bone density, decrease your body fat, and improve your hormone response, it’s easy to see that fitness training is life-saving medical care. But how can you use FSA/HSA funds to pay for your gym membership?
There are a few quick steps to take to get enrolled with Truemed at The Smart Fit Method.
Step 1: Fill out Truemed’s survey.
Step 2: If approved, receive your Letter of Medical Necessity from Truemed’s medical team for a one-time, $30 payment.
Step 3: Submit your receipts from The Smart Fit Method along with your Letter of Medical Necessity to your HSA/FSA provider for reimbursement.
Your Questions. Answered.
Here are some frequently asked questions about spending FSA/HSA funds at the gym.
What is an FSA/HSA?
A Flexible Spending Account (FSA) or Health Savings Account (HSA) is a program included in your healthcare coverage that establishes a bank account of pre-tax money, deducted from your earnings by your employer, to be used on qualified healthcare purchases.
What is a Letter of Medical Necessity?
A Letter of Medical Necessity is a document from a healthcare provider stating you have a medical need for certain items that are not covered under the umbrella of eligible items already defined by the health plan. Examples of items you need a LoMN for include vitamins, supplements, and gym dues.
How long is my Letter of Medical Necessity good for?
A Letter of Medical Necessity is good for one calendar year.
Why do I save money with an FSA/HSA?
Money that goes into your FSA or HSA is pre-tax, which means the money is not included in your income during tax season. The money is deducted from your wages before you are paid and placed into an account - not counted as part of your income. Another common pre-tax program employers offer is a commuter benefit to cover trains, buses, and gas.
Is there a fee for using Truemed?
There is no fee associated with using Truemed’s services beyond the initial $30 payment.
What purchases are eligible for Truemed?
Any purchase you make that is supported by your Letter of Medical Necessity is eligible for Truemed reimbursement. This includes retail supplements and your monthly membership bill.
Spend FSA/HSA funds at the gym
Once their team has sent your letter, you’re on your way to spending your FSA/HSA pre-tax dollars at The Smart Fit Method. Use your money for supplements or towards the cost of your membership to make it even more affordable to be a member today.
Not a member yet? Check out if your area has a Smart Fit Method studio.
Not sure if your health plan includes an FSA or HSA? Check with your HR department.
