Peloton has a partnership with TrueMed, a healthcare reimbursement solution and payment tool that allows health and wellness brands to accept health savings account (HSA) and flexible spending account (FSA) funds.
Update – After initially testing the process in March, Peloton x TrueMed fully launched in October.
This partnership aims to streamline the process of using HSAs and FSAs to cover Peloton expenses, potentially opening doors for customers to invest in their well-being at a lower cost. This lower cost comes from the fact that the money you put towards an HSA or FSA is generally made before taxes are deducted.
Peloton advertised this partnership to some people via email recently, saying:
We believe movement should be accessible to everyone. You may be able to use your pre-tax flexible spending account (FSA) or health savings account (HSA) funds toward Peloton products by working with a third party such as Truemed. Find out if you’re eligible.
The email provides a link to a survey in which customers can determine whether they qualify to apply HSA/FSA funds to a Peloton purchase.
The mechanics of this collaboration involve a streamlined process for users to obtain the necessary documentation for HSA/FSA reimbursements. Upon qualifying for reimbursement, users will receive a note from TrueMed to facilitate their submission to their respective HSA/FSA providers. This note is known as a letter of medical necessity (an “LMN”).
This step is crucial, as it ensures that users have the documentation required to demonstrate that their Peloton purchase qualifies for reimbursement under their healthcare plans.
However, 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.
Peloton notes in the fine print of the email that TrueMud is not the only route people can go to get a LMN – they can also consult with their regular doctors as well.
If you’re interested in exploring a Peloton device purchase with the assistance of HSA/FSA funds, check out the TrueMed survey as a starting point.
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Not sure how this is helopful if you must purchase first and then submit for reimbursement. With the FSA benefits exercise equipment such as treadmills are listed along with bikes. It makes it appears that once you receive your card you can then use that card for purchase of these items which isn’t true! You must purchase first using your own payment then get reimbursed. This should be noted on the website for these type of purchases. Now I have a card with money that I must use or I loose it by year’s end. I don’t have the money for the purchase of a treadmill upfront. So frustrating.