HSA & FSA Eligibility
Can I use my HSA & FSA funds to pay for Old Bones Therapy products?
Yes, most Old Bones products are FSA/HSA eligible.
Look for the the following badging on our product pages directly above the "Add to Cart" button. If it says "HSA/FSA-eligible" then you're good to go!
How does it work?
We've partnered with Truemed to allow you to use your Health Savings Account (HSA) or Flexible Spending Account (FSA) on our site! This means you can buy our products with pre-tax dollars, resulting in net savings of 30-40%.
HSAs and FSAs were created for you to spend tax-advantaged dollars on products and services that can treat or prevent medical conditions and TrueMed is making it easy to do just that by following these simple steps:
1) Add products to your cart and check out as a Guest (not with Shop Pay)
2) Select TrueMed as your payment option at checkout and enter your HSA or FSA debit card information
3) Take a quick health survey to determine eligibility.
Once you're approved, that's it! You'll receive an order confirmation and successfully save 30-40% on your order!
What is Truemed?
Truemed partners with health and wellness brands to enable qualified customers to use HSA/FSA funds on health and wellness purchases. Truemed partners with a network of medical practitioners who can issue Letters of Medical Necessity to qualifying customers, thereby saving customers money on health and wellness purchases.
How does using my HSA/FSA save me money?
HSA/FSA accounts were created so individuals could use pretax money to pay for expenses incurred in the prevention or alleviation of a disease. Because HSA/FSA uses tax-free money, you’re getting more purchasing power for your dollars. Rather than pay taxes on your income and then spend it on health items, you can use pre-tax funds to invest in your health.
An individual can contribute up to $3850 pretax to their HSA per year, or $7750 for a family (plus an additional $1000 if you are 55+). Individuals can contribute up to $3050 pretax to their FSA per year (with an additional $500 in employer contributions allowed). Almost every individual will save between $1,000 and $2,000, depending on their state and tax rate.
What is a Letter of Medical Necessity, and how is this compliant?
The items in your Truemed Letter of Medical Necessity (“LMN”) are now qualified medical expenses in the same way a visit to the doctor’s office or pharmaceutical product is.
We are facing a chronic disease in the US. There are thousands of studies showing food and exercise is often the best medicine to prevent and reverse disease. Exercise qualifies as a qualified medical expense with an LMN. Food, supplements, and other wellness purchases qualify as medical expenses if they treat or prevent an illness, and a doctor substantiates the need. Your Truemed LMN satisfies all IRS requirements to make your wellness spend fully reimbursable.
What are HSA and FSA accounts anyway?
Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) are tax-free accounts that can be used to pay for qualified medical 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.