Peloton is the latest brand to make it easy for customers to use pre-tax healthcare funds to purchase fitness and wellness products
Peloton is making it easier for Americans to purchase fitness equipment with tax-free medical funds by partnering with payment solutions company Truemed to offer HSA/FSA checkout options.
Through this partnership, Peloton customers in the U.S. can use their pre-tax Health Savings Account (HSA) and Flexible Spending Account (FSA) dollars to buy Peloton bikes, Bike+, Tread, Tread+, Row, and more from Peloton. You will be able to purchase equipment.
On Peloton’s website, U.S.-based consumers can select the “Pay with HSA/FSA Funds” option at checkout when purchasing eligible items. From there, you will be redirected to the Truemed site where you can complete the necessary steps to obtain a Certificate of Medical Necessity (LMN) and use your HSA/FSA funds to purchase equipment.
According to Peloton and Truemed, consumers can save up to 40% on Peloton equipment purchases by using HSA/FSA funds. HSA/FSA funds are pre-tax accounts that Americans can use to pay for qualified medical expenses, from medical bills to eyeglasses. Even fitness products.
The HSA/FSA market is worth about $150 billion, and while many Americans choose to contribute, they can sometimes struggle to spend the money on eligible purchases.
“Interventions at root causes are an important part of health care, and helping people find what works for them is key to sustaining long-term engagement.” Truemed said Justin Mares, co-founder and CEO. “Working with global companies like Peloton, we continue our work to improve access, choice, convenience and incentives while helping consumers connect more with the health habits they love. ”
Fitness brands embrace healthcare spending
Peloton becomes the latest leading fitness and wellness brand to make it easier for customers to use HSA/FSA funds to purchase equipment, gym memberships, supplements, and more.
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Truemed has similar partnerships with brands such as Crunch Fitness, CrossFit, Momentous, and Plunge. Most recently, the payments solutions company partnered with CorePower Yoga to help people use their HSA and FSA funds for yoga classes and memberships at popular chains.
Other digital platforms are emerging to help fitness brands leverage HSA and FSA spending.
Telemedicine provider Dr. B has partnered with brands such as F45 Training, SoulCycle, and boutique fitness software platform Xplor Mariana Tek. Smart home fitness brand Tempo recently partnered with Flex to make its AI-powered strength training products available for purchase with HSA and FSA funds.
Last year, wellness and recovery technology brand Hyperice partnered with Sika Health to allow customers to use HSA and FSA funds on the brand’s Hypervolt, Normatec, Venom, Hyperice X, Vyper, Hypersphere, and compression wearable product lines. did.
