HSA/FSA Funds | Using your HSA or FSA funds to purchase a red light therapy device

Can you purchase a red light therapy device with your HSA or FSA?

Yes, you can, provided you obtain a Letter of Medical Necessity (LMN).

Mychondria has partnered with Truemed so that you can use your Health Savings Account (HSA) or Flexible Spending Account (FSA) on a red light therapy device.

This also means you can save 30-40% by spending pre-tax dollars.

Here's how it works:

STEP 1

Checkout with your normal payment method (not your HSA/FSA).

STEP 2

Complete a short health survey, a licensed provider will review your answers and determine whether to provide you with a Letter of Medical Necessity.

*you will receive your survey link on the receipt page, and also in your receipt email.

STEP 3

Submit your receipt and Letter of Medical Necessity to your HSA/FSA administrator for reimbursement. Truemed will guide you if you're unfamiliar with the process.

STEP 4

Get reimbursed from your pre-tax HSA/FSA. You'll be eligible to spend pre-tax money at the approved merchant for 12 months with your Letter of Medical Necessity.

FAQs

Overview

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.

Truemed partners with merchants and brands to enable qualified customers to use HSA/FSA funds on qualified products and services that are used to treat, mitigate, or prevent a diagnosed medical condition.

Truemed partners with a network of individual licensed practitioners who evaluate customers’ eligibility and issue Letters of Medical Necessity to qualifying customers, thereby saving customers money on legitimate medical expenditures.

Truemed is backed by best-in-class investors, including functional medicine pioneer Mark Hyman and founders from Thrive Market, Eight Sleep and Levels.

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.

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.”

Truemed Process

We do not recommend attempting to checkout with your HSA/FSA cards for compliance purposes. We strongly encourage simply transacting with your normal credit or debit card, and submitting for reimbursement as outlined above for the greatest likelihood of success.

Check out this article to get a comprehensive understanding of the reimbursement process.

For most FSA/HSA administrators, your expenses will be approved within days when you submit your claim for reimbursement along with your receipt and a Letter of Medical Necessity. The exact timing will vary based on your administrator.

While this depends on your specific HSA or FSA administrator’s policies, we advise that you only submit expenses incurred on or after the date listed on your Letter of Medical Necessity.

If you have already received a Letter of Medical Necessity for purchasing specific products from a merchant, you do not need to complete Truemed’s survey again so long as your Letter of Medical Necessity remains valid.

Letters of Medical Necessity are typically valid for 12 months after they are first issued. You do still need to submit your receipts for reimbursement with your HSA/FSA administrator.

HSA/FSA Account Questions

Yes. You can still submit for partial reimbursement. For example: if you purchase an eligible item for $100 but only have $60 in your account, you can reimburse $60 of your purchase with your tax-free funds (with the remaining $40 paid for as normal).

Please contact us at team@truemed.com so we can help you 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.

For most Americans, open enrolment 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.

Still Have Questions?

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