Graymatter x TrueMed: How to Use Your HSA/FSA Funds
We partner with TrueMed so that you can use your HSA and FSA funds to purchase Graymatter products. TrueMed allows you to spend your HSA/FSA funds on health and wellness, like Graymatter products.
How Does It Work For One Time Orders?
1. Go to our Shop
2. Add your favorite Graymatter products to your cart making sure to click “one-time purchase” on the product page
3. At checkout, under Payment, Click “TrueMed - Pay with HSA/FSA”
4. Enter your HSA/FSA card details
5. Take the 1-minute survey to determine your eligibility
6. Once eligibility is confirmed, you’ll receive a confirmation email with your Graymatter product details
How Does It Work For Subscription Orders?
1. Go to our Shop
2. Add your favorite Graymatter products to your cart making sure to click “Subscribe & Save”, don’t click “one-time purchase”.
3. At checkout, pay with your normal credit or debit card
4. After you complete your purchase, you’ll receive a confirmation email with a survey inside
5. Take the 1-minute survey to determine your eligibility
6. In a few business days, the TrueMed Concierge will contact you about eligibility
7. Once you’re approved, TrueMed will reimburse you via your HSA/FSA provider
FAQs
What is TrueMed?
Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) are tax-free accounts that can be used to pay for qualified health 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.HSAs and FSAs are not available outside of the US, and self-employed individuals (who do not have an HSA from a previous employment) do not qualify for HSAs or FSAs.
How does using my HSA/FSA account save me money?
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 $3,850 pretax to their HSA per year, or $7,750 for a family (plus an additional $1,000 if you are at least 55 years old Individuals can contribute up to $3,050 pretax to their FSA per year (with an additional $500 in employer contributions allowed). Almost every qualified individual will save between $1,000 and $2,000, depending on their state and tax rate.
What is a Letter of Medical Necessity?
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 $3,850 pretax to their HSA per year, or $7,750 for a family (plus an additional $1,000 if you are at least 55 years old Individuals can contribute up to $3,050 pretax to their FSA per year (with an additional $500 in employer contributions allowed). Almost every qualified individual will save between $1,000 and $2,000, depending on their state and tax rate.
What is a Letter of Medical Necessity?
In order to determine whether certain products or services are legitimate expenses for treating, mitigating, or preventing a diagnosed medical condition, HSA/FSA plan administrators often require a letter from a licensed practitioner. This letter is called a “Letter of Medical Necessity.”
Can I use my HSA/FSA card at checkout?
Yes! You can use your HSA/FSA card. Once you pay with your card and complete the survey, all you need to do is keep an eye out for the Letter of Medical Necessity that we will send you, and hold onto it for the next 3 years.
Can I use my regular credit card at checkout?
If you prefer to use your regular credit card, you are welcome to do that and we will send you instructions for how to submit for reimbursement from your administrator. Check out this article to get a comprehensive understanding of the reimbursement process.
How long does it take for me to receive my Letter of Medical Necessity?
Generally it takes 24-48 hours. If you aren’t seeing your letter in your inbox, check spam, then reach out to us at support@truemed.com for help!
If I am not approved, what happens?
If you do not qualify, you are able to reapply for HSA/FSA spending at a later date.
I don’t have enough funds in my HSA/FSA account to cover the entire purchase. Can I still use Truemed?
You can occasionally request a split invoice from the merchant that you are making a purchase from, but like your normal bank account, you generally need to have the funds to cover the purchase to avoid a rejection.
What if my HSA/FSA payment is rejected by my administrator?
Please contact us at team@truemed.com so we 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.
What if I haven’t contributed to my HSA/FSA. Will I still be able to maximize my savings?
For most Americans, open enrollment is in the last four months of the year. Simply elect to increase contributions to your HSA or FSA during this time and you can begin shopping with Truemed merchant partners. Starting on January 1st, qualified individuals will be able to spend their entire HSA or FSA amount on products that a licensed practitioner recommends to treat, mitigate, or prevent a specific, diagnosed medical condition. These funds will be pulled from your paycheck, prior to tax withholding, by your HSA/FSA administrator in equal installments through the year.