Use Your HSA/FSA
One Theory Wellness has partnered with Truemed to allow you to use your Health Savings Account (HSA) or Flexible Spending Account (FSA). This means you may be eligible to buy your favorite One Theory products with pre-tax dollars!
HSAs and FSAs were created for you to spend tax-advantaged dollars on products and services that can alleviate or prevent specific medical conditions and TrueMed is making it easy to do just that. All you have to do is add products to your cart, select TrueMed as your payment option at checkout, enter your HSA or FSA debit card, and take a quick health survey to determine eligibility.
The Truemed payment option determines eligibility and enables qualified customers to pay with their HSA/FSA funds in checkout.
1. Health Savings Account (HSA)
A Health Savings Account (HSA) is a tax-advantaged account designed to help individuals save for qualified medical expenses. HSAs are available to those enrolled in high-deductible health plans (HDHPs). Contributions to an HSA are tax-deductible, meaning they reduce your taxable income for the year. Additionally, any interest or investment gains earned within the account are tax-free. One of the key benefits of an HSA is that the funds roll over year after year, so you don't lose any unused money at the end of the year.
2. Flexible Spending Account (FSA)
A Flexible Spending Account (FSA) is another tax-advantaged account designed to help individuals save for medical expenses. Unlike an HSA, an FSA is typically offered through an employer-sponsored benefits plan. With an FSA, employees can set aside a portion of their pre-tax earnings to pay for qualified medical expenses. This reduces their taxable income, resulting in lower overall taxes. However, unlike HSAs, funds in an FSA generally don't roll over from year to year, with the exception of a limited carryover or grace period as allowed by the employer or IRS.
Proactive health management specialized to you
Stay ahead of potential health issues with One Theory Wellness. Its elite holistic products empower you to be proactive in managing your health. By using your HSA or FSA funds, you make a smart investment in a product that goes beyond traditional health care, offering a holistic approach to well-being.
Now is the time to make the better choice for your health. Use your HSA or FSA funds to invest in One Theory Wellness and experience the future of personalized health day in and day out. Maximize your tax savings, embrace proactive health management, and join a community that prioritizes collective well-being.
More details:
Truemed is for patients for whom the selected product has been proven to prevent or reverse a condition you care about. A health evaluation will determine eligibility and take qualified patients to payment.
If you pay with your HSA/FSA card, there's no other work you need to do (we'll send paperwork to ensure compliance). If you pay with your personal credit card, Truemed will send reimbursement instructions
To purchase using your FSA/HSA funds, select your product of choice, go to checkout, scroll down to “Payment”, past “Delivery” and “Shipping method”, and check ”TrueMed – Pay with HSA/FSA”. After clicking “Pay now”, you will be redirected to TrueMed – Pay with HSA/FSA to complete your purchase securely.
FAQ'S
What is Truemed?
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 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.
How does using my HSA/FSA account save me money?
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.
What is a Letter of Medical Necessity?
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.”
I don’t have an HSA/FSA. Can I still benefit from Truemed?
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!
How long does it take for me to receive my Letter of Medical Necessity?
Generally it takes 24-48 hours. If you aren’t seeing your letter in your inbox, check spam, then reach out to Truemed at support@truemed.comfor help!
What if I haven’t contributed to my HSA/FSA. Will I still be able to maximize my savings?
For most Americans, open enrollment 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.