Let’s be honest: we have always known that riding a bicycle is one of the best forms of preventative medicine on the planet. It’s good for your heart, your joints, and your mental clarity.
Yet, for years, the financial systems designed to support our health, specifically Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA), have made it difficult to use those pre-tax dollars on the equipment that actually keeps you fit. You could easily buy prescriptions to treat a condition, but buying a bike to prevent one? That required jumping through endless hoops.
Today, at Bicycle Warehouse, we are thrilled to announce we are tearing down those hoops.
We have officially partnered with TrueMed, a payment integration that allows our customers to seamlessly use their HSA or FSA funds to purchase our bikes.
Why This Is a Game Changer
This partnership means that for many of you, a new bicycle is no longer just a "recreational purchase." It is a qualified medical expense.
By using pre-tax dollars stashed away in your HSA or FSA, you are effectively lowering the cost of the bike by your income tax rate. Depending on your bracket, this equates to roughly a 30% to 40% savings on a brand-new bike.
We believe that investing in your physical health shouldn’t be complicated. By integrating TrueMed directly into our checkout, we’re making it easier for you to access the gear you need to lead a healthier life.
How to Buy a Bike with Your HSA or FSA
If you’ve ever tried to get a "Letter of Medical Necessity" (LMN) from your doctor in the past, you know it’s usually a hassle. TrueMed has digitized and streamlined that entire process, reducing it to a few minutes during checkout.
Here is the simple workflow to purchase your bike using health funds:
- Shop Normally: Browse our site and add your chosen bike to your cart.
- Choose TrueMed at Checkout: When selecting your payment method, select the "TrueMed - Pay with HSA/FSA" option.
- The Health Intake: You’ll be prompted to answer a few quick questions about your health history. TrueMed uses asynchronous telehealth to pair you with a medical provider who reviews your answers.
- Get Qualified: If the provider determines that cycling will help prevent or treat a specific health condition you have, they will instantly issue a Letter of Medical Necessity (LMN).
- Complete Purchase: Once qualified, you can use your HSA/FSA card to finish the transaction right there. (Don't have your card handy? You can pay with a regular credit card, download your LMN, and submit it to your administrator for reimbursement later).
Frequently Asked Questions (FAQs)
We know this sounds too good to be true for many cyclists. Here are answers to the common questions about using TrueMed to buy a bike.
Q: Is this really allowed by the IRS?
A: Yes. While general exercise equipment isn't automatically eligible, it becomes eligible if a doctor deems it necessary to treat or prevent a specific medical condition (like obesity, hypertension, or chronic pain). TrueMed facilitates that required Letter of Medical Necessity.
Q: Does this work for both HSAs and FSAs?
A: Yes, it works for both Health Savings Accounts and Flexible Spending Accounts. However, remember that FSA funds usually have a "use it or lose it" deadline at the end of the calendar year, whereas HSA funds roll over forever.
Q: What if I don't qualify based on the health survey?
A: TrueMed’s network of providers follows strict medical guidelines. If they cannot issue an LMN based on your survey responses, you won’t be able to use HSA/FSA funds for the transaction, but you can still complete the purchase using a standard credit card.
Q: Can I buy accessories or just a complete bike?
A: Generally, the LMN covers the primary equipment needed for the exercise, the complete bike. Some essential accessories necessary for the safe operation of the bike may be included, but purely cosmetic add-ons likely won't qualify.
Ready to Ride?
We are incredibly proud to offer this new payment avenue. It aligns perfectly with our mission to get more butts on bikes and living healthier, happier lives.
If you have been sitting on HSA funds, or if you are looking at an impending FSA deadline, there has never been a better time to invest in a new ride.
Still have more questions? Checkout our TrueMed information page or reach out to our team.
