Truemed, a payment solution for merchants at the forefront of treating and preventing chronic disease, has announced a partnership with Peloton. The partnership will make it easier for qualified U.S.-based Peloton customers to use pre-tax Health Savings Account (HSA)/Flexible Spending Account (FSA) dollars to purchase applicable Peloton products, saving customers up to 40 percent off their purchase. Applicable products include the Peloton Bike, Bike+, Tread, Tread+ and Row. This partnership enables unprecedented access to fitness as a way to address chronic health conditions.
Through this collaboration, Truemed and Peloton seek to empower individuals to prioritize their health by streamlining consumers' ability to invest in and save on health products and services. Unlocking pre-tax funds for exercise equipment will enable more consumers to prioritize their health needs and make fitness a part of their every-day lives. "Root-cause interventions are a critical part of healthcare, and helping people find what uniquely works for them is key in sustaining these long-term commitments,” says Justin Mares, co-founder and CEO of Truemed. “With a global player like Peloton, we’re helping connect consumers with more of the health practices they love as we continue our work in improving access, options, convenience, and incentives.”
The process is simple:
- At checkout, consumers select the “Pay with HSA/FSA funds” payment method to be redirected to the Truemed website.
- This is followed by a brief health survey. Once completed, enter a HSA/FSA card or credit/debit card to finalize the checkout process.
- Submitted responses will be reviewed by a licensed medical provider, and if eligibility is confirmed, a Letter of Medical Necessity (LMN) will be issued. (If a credit or debit card is used as payment, reimbursement from the HSA/FSA can be requested).