Peloton has officially rolled out their partnership with Truemed, expanding a new payment option for members who want to use Health Savings Accounts (HSA) or Flexible Spending Accounts (FSA) for buying a Peloton Bike, Tread, or Row. This collaboration allows consumers to use tax-advantaged dollars to buy Peloton products.
We first shared information about the Truemed partnership earlier this year – which turned out to be a limited test of the process. Peloton is now announcing the official rollout, making the partnership available to all consumers.
A new dedicated webpage is available with more information: https://www.onepeloton.com/truemed.
Peloton also published a press release announcing the official launch of the partnership:
Truemed, the payment solution for merchants at the forefront of treating and preventing chronic disease, today announced a partnership with Peloton (NASDAQ: PTON). The partnership will make it easier for qualified US-based Peloton customers to use pre-tax Health Savings Account (HSA)/Flexible Spending Account (FSA) dollars to purchase applicable Peloton products, saving customers up to 40% off their purchase. Applicable products include the Peloton Bike, Bike+, Tread, Tread+ and Row. This partnership enables unprecedented access to fitness as a way to address chronic health conditions.
With the partnership now fully operational, consumers will see a “Pay with HSA/FSA funds” option at checkout for eligible products – i.e. hardware devices. Choosing this option will redirect them to TrueMed’s platform, where they will complete a brief survey and finalize the purchase. The integration simplifies the process and opens up Peloton’s fitness equipment and services to a broader audience who might be seeking to leverage their healthcare dollars for wellness-focused expenses.
The new landing page provides all the details, including FAQs about how to use HSA/FSA funds for eligible Peloton purchases. For those interested in applying HSA/FSA dollars to the monthly Peloton membership & subscription, Peloton provides the below information:
You can’t directly pay for membership costs with your HSA/FSA card, but if you receive a Letter of Medical Necessity (LMN) from Truemed or an applicable licensed medical professional and are eligible for reimbursement, you may be able to apply your HSA/FSA funds to the cost of a Peloton Membership while the LMN is valid. To learn more, please send an email to support@truemed.com. Please contact your HSA or FSA administrator directly to learn more about your eligibility for reimbursement.
As we explained in our overview earlier this year, people will likely want to consult their HSA/FSA administrators or review their plan guidelines to ensure that Peloton expenses qualify for reimbursement, even with the provided note from TrueMed. While Peloton and TrueMed strive to simplify the process, the specifics of HSA/FSA reimbursement eligibility can vary based on individual plans and providers.
Greg Hybl, Senior Vice President of Peloton for Business, explained this new partnership in the press release:
“At Peloton we are committed to making fitness and wellbeing accessible to anyone, anywhere. Through our partnership with Truemed, we are making it even easier for qualified customers to utilize their pre-tax HSA and FSA funds, gaining access to our world class content to invest in their health and wellness.”
For more information about using HSA/FSA funds for Peloton purchases through TrueMed, check out the dedicated landing page.
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