HSAs are linked to high-deductible health plans (HDHPs) and allow you to contribute pre-tax income, which you can invest to grow over time. FSAs are not tied to specific health plans and let you contribute pre-tax dollars for eligible expenses, but funds typically must be used within the plan year.

Step #1: Review HSA/FSA details  The first step is to confirm that you currently have an HSA/FSA account. If you are unsure of if you currently have an HSA/FSA account, we recommend reaching out to your employee benefits coordinator to confirm which benefits you selected at the time of open enrollment. Once you confirm you do have an HSA/FSA account, the next step is to review your HSA/FSA plan details to determine if your account is restricted to specific categories of reimbursement. If it is, you would only be able to submit claims for these specific categories. 

Step #2: Visit the “For Shoppers” page of the Truemed website  Here you will find a list of merchants who have completed our compliance evaluation. 

Step #3: Follow the steps listed on the specific merchant’s page Once you find a merchant you intend to utilize, follow the specific steps listed on the merchant's page.

When we mention savings, this refers to the pre-tax nature of HSA/FSA money. Funds placed into an HSA/FSA are not taxed at your income tax rate. When you pay for a product or service using your HSA/FSA card or reimburse yourself for a purchase with HSA/FSA funds, you save your income tax rate by using those funds.

A Letter of Medical Necessity (LMN) is a formal document that a licensed healthcare provider writes to explain why a specific treatment, product, or service is essential for a patient's health.  A health plan may request an LMN as part of a certification or utilization review process to determine if a requested medical expense is covered. Health insurance providers, health savings accounts (HSAs), or flexible spending accounts (FSAs) may also request an LMN before reimbursing an expense. The IRS defines a medical expense as, the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and for the purpose of affecting any part or function of the body. 

Some HRAs and limited purpose FSAs can be limited to specific categories of reimbursement (ex. Dental, vision, deductible coverage). If you have an HRA or limited purpose FSA account, we recommend reviewing your plan specific details to see if your plan has any reimbursement category restrictions.  If it does not have any category restrictions, we can often support the HRA and limited purpose FSA reimbursement process by utilizing similar steps that would be utilized for traditional HSA/FSA accounts.