Save with Your HSA/FSA on Your Next Purchase!
At Competitors Outlet, we have partnered with TrueMed to allow customers to use their Health Savings Account (HSA) or Flexible Spending Account (FSA) for eligible purchases. This can result in significant savings of 30-40% by using pre-tax dollars.
HSAs and FSAs are designed to help individuals spend tax-advantaged funds on products and services intended to treat or prevent medical conditions. TrueMed facilitates this process, enabling you to seamlessly pay with your HSA/FSA at checkout. Simply add your desired products to your cart, select TrueMed as your payment method, input your HSA/FSA debit card details, and complete a brief health survey to determine eligibility.
Once approved, you will receive a confirmation of your purchase and realize savings of 30-40% on your order.
Truemed is for patients for whom the selected product has been proven to prevent or reverse a condition you care about. An asynchronous health evaluation will determine eligibility and take qualified patients to payment.
If you pay with your HSA/FSA card, you don't need to do anything else (we'll send paperwork to ensure compliance). If you pay with your credit card, we'll send reimbursement instructions.
Step 1
Add your gym or recovery equipment to your cart.
Step 2
Add your gym or recovery equipment to your cart.
Step 3
Enter your HSA/FSA card details or pay with your personal credit card and TrueMed will send reimbursement instructions.
Step 4
Complete the brief health survey to confirm eligibility.
How it Works
The TrueMed payment option checks if you are eligible to use your HSA/FSA funds for your purchase. If you qualify, you'll be able to pay with your HSA/FSA card during checkout.
Once your purchase is approved, that’s all you need to do! You will receive a confirmation of your order, and you could save up to 30-40% by using pre-tax funds
Frequently Asked Questions
What is a HSA / FSA Account?
Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) are tax-free accounts that can be used to pay for qualified health expenses. These accounts are usually set up and managed by an HSA or FSA administrator, and you should have access to said HSA/FSA administrator through your employer (ask your HR department!). HSAs are typically associated with a high-deductible health plan, and funds do not expire. FSAs are independent of your health plan, and funds elections occur in October-November each year for the following calendar year. FSA funds expire every calendar year. Unfortunately, HSAs and FSAs are not available outside of the US, and self-employed individuals (who do not have an HSA from a previous employment) do not qualify for HSAs or FSAs.
How does using my HSA/FSA account save me money?
HSA/FSA accounts were created so individuals could use pre-tax money to pay for expenses used to treat, mitigate, or prevent a diagnosed medical condition. Because HSA/FSAs use pre-tax 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 $3,850 pretax to their HSA per year, or $7,750 for a family (plus an additional $1,000 if you are at least 55 years old Individuals can contribute up to $3,050 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.
What is a Letter of Medical Necessity?
In order to determine whether certain products or services are legitimate expenses for treating, mitigating, or preventing a diagnosed medical condition, HSA/FSA plan administrators often require a letter from a licensed practitioner. This letter is called a “Letter of Medical Necessity.”
How long does the Letter of Medical Necessity last?
Each Letter is valid for 12 months before it needs to be renewed.
Can I use my HSA/FSA card at checkout?
Yes! You can use your HSA/FSA card. Once you pay with your card and complete the survey, all you need to do is keep an eye out for the Letter of Medical Necessity that we will send you, and hold onto it for the next 3 years.
Can I use my regular credit card at checkout?
You are welcome to use your regular credit card and get reimbursed for your savings! We will send you instructions on submitting for reimbursement from your administrator.
How long does it take for me to receive my Letter of Medical Necessity?
Generally, it takes 24-48 hours. If you aren’t seeing your letter in your inbox, check spam, then reach out to TrueMed at support@truemed.com for help!
If I am not approved, what happens?
If you do not qualify, you can reapply for HSA/FSA spending at a later date.
What if my HSA/FSA payment is rejected by my administrator?
Please get in touch with team@truemed.com to help troubleshoot the issue. HSA/FSA plan administrators often have detailed requirements, so it may be as simple as re-issuing your Letter of Medical Necessity using the administrator’s form.
What if I haven’t contributed to my HSA/FSA. Will I still be able to maximize my savings?
For most Americans, open enrollment is in the last four months of the year. Simply elect to increase contributions to your HSA or FSA during this time and you can begin shopping with Truemed merchant partners. Starting on January 1st, qualified individuals will be able to spend their entire HSA or FSA amount on products that a licensed practitioner recommends to treat, mitigate, or prevent a specific, diagnosed medical condition. These funds will be pulled from your paycheck, prior to tax withholding, by your HSA/FSA administrator in equal installments through the year.