It’s that point of 12 months, the place I’ll quickly remind you to make use of up your Healthcare Versatile Spending Account (FSA) funds earlier than they expire. Nonetheless, when you one way or the other have a big unused steadiness you can’t offset with sunscreen and chilly drugs, it’s possible you’ll be focused on the potential of utilizing it in the direction of train tools.
Whereas purchasing for a Zwift good coach bike, I got here throughout a brand new checkout possibility known as TrueMed that permits you to “pay with HSA/FSA”. TrueMed claims to “unlock tax-free HSA/FSA spending for the main train, wholesome meals and complement corporations”.
As a way to use your HSA/FSA funds on these kind of issues, you want a Letter of Medical Necessity (LMN) – a signed doc from a licensed healthcare supplier that asserts {that a} product, remedy, or system is medically obligatory for a affected person. The LMN is legitimate for one 12 months from the date it’s signed. It seems TrueMed offers the LMN after you fill out their on-line questionnaire. In some circumstances, I discover that they’ll cost you a charge like $15 to take the net questionnaire.
There’s a motion redefining healthcare, specializing in proactive, root-cause options like health, diet, and revolutionary well being know-how. Once you store with Truemed retailers, you possibly can seamlessly qualify for a Letter of Medical Necessity (LMN), enabling you to make use of pre-tax HSA/FSA funds for these transformative well being interventions—saving you a mean of 30%.
I’ve not tried TrueMed, and I’ve not submitted a declare for any train tools utilizing their Letter of Medical Necessity. In the long run, it’s nonetheless dependent in your particular claims administrator to approve the declare and settle for the documentation you present. I’ve come throughout just a few examples of rejections, but in addition different reviews that TrueMed later adjusted their practices as a way to qualify. They seem to work with you:
My Declare Was Denied… Now What?
When you obtain an alert of a denied declare, we’re right here to assist! To finest help you, please compile the next info.
– Denied Declare Data
– A screenshot or copy of the denial discover. This could embrace the denial purpose clearly said and likewise the denial code, if supplied.
– The identify of your HSA/FSA administrator, if not clearly proven on the denial discover.After you have this info compiled, please e-mail help@truemed.com and embrace this info within the e-mail physique.
On the similar time, take a look at this IRS alert: Watch out for corporations misrepresenting diet, wellness and common well being bills as medical look after FSAs, HSAs, HRAs and MSAs.
This can be value additional investigation if you’re already dedicated to a selected train program or tools. As a checkout possibility, I like that it ought to come into play after you seize every other out there reductions. I’ve traditionally had dangerous experiences with FSA claims directors, so I’d tread rigorously.
