Truemed is a payment platform that helps U.S. based individuals use their HSA or FSA funds to purchase a bike from Evil.
When the option to use Truemed is selected during checkout, you will be asked to complete a survey which will then be reviewed by a licensed provider in your respective state. With the providers approval, you will be issued a Letter of Medical Necessity (LMN), which unlocks the ability to use HSA/FSA funds. By using these pre-tax funds, individuals can save ~30%* on qualified purchases.
*On average, 30% of gross income is paid to federal and state tax. Individual tax rates vary.
How to order with TrueMed
1. During the payment portion of the checkout, select the "Truemed - Pay with HSA/FSA" payment option*.
2. Take a quick, private health survey. A licensed provider will review your answers to determine your eligibility.
3. With approval, pay with your HSA/FSA card or credit card. If you use a regular credit card, follow the guide included with your LMN to submit your purchase for reimbursement.
*If logged in to SHOP, either check out as guest or select "Alternative payment options" under Payment Methods.
Health savings accounts (HSA) and flexible spending accounts (FSA) are programs that allow you to set aside pre-tax dollars for eligible healthcare expenses. If you’re unsure whether or not you have an HSA or FSA account, please check with your employer or insurance company.
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 $4,150 pretax to their HSA per year, or $8,300 for a family (plus an additional $1,000 if you are at least 55 years old. Individuals can contribute up to $3,200 pretax to their FSA per year (with an additional $500 in employer contributions allowed).
Yes. If you’d like to use your regular credit card, simply select that in Truemed checkout. After your purchase, Truemed will email you instructions on how to submit the receipt to your HSA/FSA administrator for reimbursement.
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!
Unfortunately, Truemed is currently only available in the United States.
