Truemed operates an online marketplace enabling consumers to purchase eligible health, fitness, and wellness products using pre-tax HSA/FSA funds. The platform facilitates this by connecting users with trusted brands across categories like fitness equipment, health tech, and supplements. Customers complete a health survey to qualify for payment using their tax-advantaged healthcare accounts, often resulting in significant savings.
Funding
$20.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) offer pre-tax savings for healthcare, but traditionally restrict eligible expenses to co-pays, deductibles, and basic medical supplies. This limitation excludes many proactive health investments like fitness programs, nutritional supplements, and innovative health technologies.
Solution
TrueMed provides a payment solution that broadens HSA/FSA eligibility to include a wider range of health and wellness products and services. By facilitating the issuance of Letters of Medical Necessity (LMN) for qualifying purchases, TrueMed enables consumers to use their pre-tax HSA/FSA funds on proactive health interventions. This allows individuals to invest in root-cause solutions like fitness memberships, supplements, and health technology, effectively saving an average of 30% on these qualified expenses. TrueMed partners with health and wellness brands, integrating its payment mechanism to allow their customers to utilize HSA/FSA funds seamlessly.
Target Audience
TrueMed primarily targets health and wellness businesses, including fitness studios, supplement providers, and health technology companies, seeking to expand their customer base by accepting HSA/FSA payments.
Features
- HSA/FSA payment processing for health and wellness businesses.
- Automated Letter of Medical Necessity (LMN) generation for eligible purchases.
- Integration with existing e-commerce platforms via API.
- Partner directory showcasing brands that accept HSA/FSA payments through TrueMed.
- Customer support for navigating HSA/FSA reimbursement processes.