SOLE Fitness has partnered with Truemed to help customers buy treadmills and other forms of exercise equipment using Health Savings Account (HSA) and Flexible Spending Account (FSA) funds. The alliance makes popular models such as the F63, F80, and F85 treadmills more accessible through this highly anticipated payment structure.
For more information, visit: https://www.soletreadmills.com/pages/truemed-shop-with-hsa-fsa-funds
As explained by SOLE Fitness, HSAs and FSAs allow individuals to set aside pre-tax dollars for qualified health expenses. The latest contribution limits reach $4,400 annually for individual HSA holders and $8,750 for families, while FSA participants can contribute up to $3,400 per year.
With studies demonstrating that physical activity functions as preventative medicine, adds SOLE Fitness, a clearer path to purchasing home equipment can potentially help users avoid the need for more intensive medical intervention. Notably, though, the IRS classifies exercise equipment as a dual-use product - meaning such items require a Letter of Medical Necessity from a licensed clinician to qualify as a medical expense.
This letter must link the purchase to treatment or prevention of a diagnosed medical condition, ensuring compliance with federal regulations. Qualifying conditions include, among others, hypertension, obesity, diabetes, arthritis, cardiovascular disease, chronic pain, and post-surgery rehabilitation.
As such, SOLE Fitness enables those dealing with such issues to complete a health survey at checkout before receiving LMN approval within 24 to 48 hours - satisfying all IRS requirements for reimbursable wellness spending. Customers who prefer to use regular credit cards can do so and submit for reimbursement from their HSA or FSA administrator afterward - providing flexibility in how they access their pre-tax funds.
With latest announcement, SOLE Fitness applies HSA and FSA eligibility across its complete range of equipment, from treadmills to ellipticals, bikes, strength machines, and rowers. Customers can even access additional savings by using their existing health account benefits when purchasing any of these named products.
SOLE’s approach reflects a commitment to improving the availability of health investments by aligning exercise equipment purchases with the preventative care framework that HSAs and FSAs were originally designed to support.
Their spokesperson adds: “These 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.”
Interested parties can find further details at: https://www.soletreadmills.com/