HSA/FSA Payments

What is an HSA?

An HSA is a tax-advantaged savings account designed for individuals with high-deductible health plans (HDHPs). It allows you to save money for qualified medical expenses. FSAs are typically offered through employer-sponsored benefit plans.

What are the key differences between an HSA and an FSA?

HSA:

Requires enrollment in a high-deductible health plan.
Contributions are tax-deductible, grow tax-free, and withdrawals for qualified medical expenses are tax-free.
Unused funds roll over year to year.
Account is owned by the individual, portable between jobs.
Can invest funds for potential growth.

FSA:

Does not require enrollment in a high-deductible health plan.
Contributions are pre-tax, and withdrawals for qualified medical expenses are tax-free.
Typically, funds must be used within the plan year or a limited grace period.
Account is owned by the employer, not portable between jobs.
Limited investment options, if any.

Can I just use my HSA or FSA card at checkout?

We strongly encourage simply transacting with your normal credit or debit card, and submitting for reimbursement as outlined above for the greatest likelihood of success.

How long does HSA or FSA reimbursement take?

For most FSA/HSA administrators, your expenses will be approved within days when you submit it with your Truemed Letter of Medical Necessity. The exact timing will vary based on your administrator.

I don't have enough funds in my HSA/FSA account to reimburse the entire purchase. Can I still use Truemed?

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).

Am I the right customer for this payment option?

Have an active HSA or FSA account.
Are working to prevent or reverse a health condition such as depression, anxiety, chronic fatigue, insomnia, obesity, infertility, diabetes, or heart disease.

How does this work?

After submitting your card info, you'll be directed to a short medical survey about conditions you are working to prevent or reverse. If you are eligible for HSA/FSA spending, your card will be charged at the end of the survey.
You'll receive a Letter of Medical Necessity (LMN) several days after payment outlining that these items are HSA/FSA eligible. To ensure compliance, keep that LMN and your receipts for the next three years (both should be in your email).

What if I don't have my HSA/FSA card?

You can pay with your personal credit card, and we'll give you detailed instructions on how to claim reimbursements (which will involve submitting the receipt and a doctor's note we will email you to your HSA/FSA provider).

HSA/FSA PaymentsUpdated a year ago