Ride/Row/Run Into Savings with Peloton and Truemed

Do you have a pile of money stored up in your Health Savings Account (HSA) or Flexible Spending Account (FSA) burning a hole in your pocket? Thanks to a new arrangement between Peloton and Truemed, you can potentially use your saved pre-tax dollars to purchase Peloton equipment! Let’s pedal through the process together!

Demystifying HSA and FSA Accounts

Before we jump into the nitty-gritty of buying Peloton equipment with your HSA or FSA, let’s take a moment to understand what these accounts are all about. An HSA is a tax-advantaged account that allows you to set aside pre-tax dollars for qualified medical expenses. It’s usually linked to high-deductible health plans. The best part about this program is that the funds roll over each year and even earn interest tax-free! Meanwhile, an FSA is a similar tax-free account designed for medical expenses, but the funds generally expire at the end of the year.

For those wondering how to get started, these accounts are typically set up through your employer or a financial institution. You can contribute up to a certain limit set by the IRS annually, and use these savings for various medical expenses, from doctor visits to prescriptions. And yes, with the right steps, even a Peloton Bike, Tread or Row may now qualify! Check out Peloton’s FAQs here!

Introducing Truemed, Your Key to Unlocking Savings

Now that you know what HSA and FSA accounts are, you might be wondering how Peloton equipment fits into the picture. Enter Truemed—a game-changer for fitness enthusiasts. Truemed partners with health and wellness brands, enabling you to use your HSA/FSA funds for health-related purchases. With Truemed, you can obtain a Letter of Medical Necessity (LMN) from a licensed medical provider, allowing you to use these funds for your Peloton equipment.

Truemed is straightforward to use, and you can see how they walk you through the steps here. At checkout, you’ll have the option to pay with HSA/FSA funds. From there, you’ll complete a brief health intake survey to establish if your purchase can treat or prevent a chronic health condition. Once approved, you can use your HSA/FSA card or a standard credit/debit card to complete the transaction. If approved, you’ll receive an LMN, and if not, your purchase will be refunded.

Not Enough Funds? No Problem!

Running low on HSA/FSA funds? No worries! Even if your account doesn’t cover the entire Peloton purchase, you can still go through Truemed. Pay with a standard credit or debit card, and submit a reimbursement request to your plan administrator for the available amount in your HSA/FSA account. Truemed makes it easy by providing you with the necessary documentation and instructions to ensure you get reimbursed for your purchase. While you might not cover the full cost with pre-tax dollars, every bit helps when investing in your fitness goals.

The Benefits of Using HSA/FSA for Peloton Equipment

Now that you’re aware of how to use HSA/FSA funds for Peloton equipment, let’s explore why it’s beneficial. First and foremost, using pre-tax dollars means you’re saving significantly on your purchase. Less tax means more dollars in your pocket! Additionally, investing in fitness equipment like Peloton promotes an active lifestyle, which can help prevent or manage chronic health conditions. By utilizing your HSA/FSA for this purpose, you’re not only enhancing your physical well-being but also contributing to long-term financial savings on healthcare costs. This is a great opportunity for App Users to consider adding an equipment purchase, or for All Access Members to potentially upgrade their older items or add a shiny new Row to their routine.

What do you think about this new arrangement? Will you be exploring how to take advantage of your saved dollars to invest in Peloton equipment with Truemed? Let us know!

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