Health savings accounts (HSA) and flexible spending accounts (FSA) are programs that allow you to set aside pre-tax dollars for eligible healthcare expenses. If you’re unsure whether you have an HSA or FSA account, please check with your employer or insurance company.

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 $4,150 pretax to their HSA per year, or $8,300 for a family (plus an additional $1,000 if you are at least 55 years old). Individuals can contribute up to $3,200 pretax to their FSA per year (with an additional $500 in employer contributions allowed).

Yes, simply select Truemed as your payment option at checkout and use your FSA or HSA card as you would any other credit card. If you do not have sufficient HSA/FSA funds, you can split your payment between your credit card and HSA/FSA card.

Yes. If you prefer to use your regular credit card, Truemed will send you instructions on how to submit for reimbursement from your HSA/FSA administrator. 

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.

You can use your HSA/FSA dollars all year long. However, FSA dollars expire at the end of the year and unused money may not roll over into the next year. Make sure to spend all of your FSA dollars before December 31st so you don’t lose them!

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.

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.

There are thousands of studies showing food and exercise are 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 spending fully reimbursable.

Generally it takes 2–5 hours. In some cases, Truemed’s provider team will require additional time to issue a letter of medical necessity based on the needs associated with an individual qualification survey. If you aren’t seeing your letter in your inbox, check spam, then reach out to Truemed at support@truemed.com for help.

No, there are no fees when you use Truemed on Banyan’s site!

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 Truemed at support@truemed.com so they 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.