SOLE Fitness has partnered with Truemed, enabling its customers to purchase fitness equipment using Health Savings Account and Flexible Spending Account funds. The collaboration solves a long-standing problem for those with high-deductible health plans who have accumulated tax-advantaged funds yet face limited options for deploying them toward medically recommended exercise interventions.
For more information, visit: https://www.soletreadmills.com/pages/truemed-shop-with-hsa-fsa-funds.
The partnership arrives as millions of Americans hold such healthcare dollars that remain underutilized for preventive and therapeutic fitness purchases. Currently, the IRS permits individuals with self-only coverage to contribute up to $4,400 to an HSA; those with family coverage can contribute up to $8,750, with an additional $1,000 catch-up contribution available for individuals aged 55 and over. FSA participants can set aside up to $3,400 annually.
SOLE explains that the IRS requires documentation to qualify eligible exercise equipment for reimbursement. A Letter of Medical Necessity (issued by a licensed healthcare provider) establishes the connection between the equipment and a diagnosed medical condition, turning what would otherwise be a discretionary purchase into a qualified medical expense under IRS guidelines.
Conditions that commonly support an LMN for fitness equipment include obesity, type 2 diabetes, hypertension, cardiovascular disease, arthritis, chronic back pain, and post-surgical rehabilitation; all have clinical evidence linking structured exercise to disease treatment and prevention.
As such, Truemed facilitates the LMN process by connecting prospective buyers with independent licensed clinicians who issue letters when medical criteria are met. SOLE customers selecting Truemed at checkout complete a health intake survey that one of these licensed providers reviews to determine whether the purchase qualifies as medically necessary. If approved, then, the provider issues an LMN, allowing the customer to pay directly with an HSA or FSA card or to seek reimbursement after paying with a standard credit or debit card.
For its own part, SOLE Fitness offers a range of cardio equipment eligible under the partnership. As an example, the F80 treadmill is listed at $1,599.99 and effectively reduced to approximately $1,120 when purchased with pre-tax HSA funds; the E35 elliptical is priced at $1,699.99 with similar tax savings of roughly $510. Accordingly, qualifying customers can redirect funds already set aside for healthcare toward equipment that supports disease management and prevention.
Interested parties can browse SOLE’s eligible lineup at: https://www.soletreadmills.com/