Is working with my coach FSA eligible?
We’ve partnered with Truemed to allow you to use your Health Savings Account (HSA) or Flexible Spending Account (FSA) at Ben Greenfield Coaching.
This means you can use pre-tax dollars to pay for coaching services, resulting in a net savings of 30-40%.
To use your FSA/HSA to pay for coaching, it must qualify as a medical expense. Generally, a Letter of Medical Necessity (LMN) from a healthcare provider is required to justify the health benefits and necessity of coaching. Since coaching from a trained professional in nutrition, fitness, and lifestyle change is a beneficial tool for mental and physical health, FSA and HSA cards are now being accepted as health and medical expenses as long as a LMN accompanies them.
Ben Greenfield Coaching has partnered with Truemed to help you obtain a Letter of Medical Necessity so you can use your FSA/HSA funds to purchase coaching services. HSAs and FSAs were created for you to spend tax-advantaged dollars on products and services that can treat or prevent medical conditions and Truemed is making it easy to do just that.
How does Truemed work?
- Purchase your coaching services using your preferred form of payment.
- Once payment is complete, you will be prompted to complete THIS questionnaire to verify eligibility to use your HSA/FSA for your coaching services.
- A licensed provider at TrueMed will use your responses to verify your eligibility.
- If you qualify, Truemed will follow up with reimbursement instructions and let us know that you are eligible.
- You can use the Letter of Medical Necessity and your receipt of payment to apply for reimbursement through your HSA/FSA provider. Note: Refer to reimbursement instructions sent by Truemed following your eligibility approval.
Frequently Asked Questions
What is Truemed?
Truemed partners with health and wellness brands to enable qualified customers to use HSA/FSA funds on health and wellness purchases. Truemed partners with a network of individual licensed providers who can issue Letters of Medical Necessity to qualifying customers, thereby saving customers money on health and wellness purchases.
Truemed is backed by best-in-class investors, including functional medicine pioneer Mark Hyman and founders from Thrive Market, Eight Sleep and Levels.
How does using my HSA/FSA save me money?
HSA/FSA accounts were created so individuals could use pretax money to pay for expenses incurred in the prevention or alleviation of a disease. Because HSA/FSA uses tax-free 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 $4,150 pretax to their HSA per year, or $8,300 for a family (plus an additional $1000 if you are 55+). Individuals can contribute up to $3,200 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. Use a calculator here to estimate your savings.
Why should I use my HSA/FSA funds with Truemed’s partner brands?
Using your HSA/FSA funds on eligible products can result in significant savings. These accounts use pre-tax dollars, which means, if qualified by an independent licensed provider, you could save up to 30-40% on average on your purchases at Truemed’s partner brands to prevent or reverse a specific condition.
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!
What is a Letter of Medical Necessity, and how is this compliant?
The items in your Truemed Letter of Medical Necessity (“LMN”) are now qualified health expenses in the same way a visit to the doctor’s office or pharmaceutical product is.
We are facing a chronic disease in the US. There are thousands of studies showing food and exercise is often the best medicine to prevent and reverse disease. Exercise qualifies as a qualified health expense with an LMN. Supplements and other wellness purchases qualify as health expenses if they treat or prevent a specific illness, and a licensed provider substantiates the need.
You have our guarantee that Truemed will pay the full amount you should have saved if any HSA/FSA purchase outlined in our LMNs is rejected. Please email [email protected] if you have any questions or need assistance.
How long does HSA or FSA reimbursement take?
For most FSA/HSA administrators, your expenses will be approved within days when you submit it with your Truemed Letter of Medical Necessity. The exact timing will vary based on your administrator.
I don’t have enough funds in my HSA/FSA account to reimburse the entire purchase. Can I still use Truemed?
Yes. You can still submit for partial reimbursement. For example: if you purchase an eligible item for $100 but only have $60 in your account, you can reimburse $60 of your purchase with your tax-free funds (with the remaining $40 paid for as normal).
Do I need to use Truemed every time I make a purchase from a partner brand?
If you have already received an LMN for purchases with a partner brand, as long as your LMN is still valid (ie. within 12 months of issuance), you do not need to complete the survey again.
Have more questions?