SHERIDAN, WYOMING – November 04, 2024 – Peloton, a leading interactive fitness platform, and Truemed, a healthcare administrator, announced today that Peloton customers in the U.S. can now use their HSA/FSA funds to purchase Peloton equipment. This partnership makes it easier for consumers to invest in their health and wellness by using pre-tax dollars to purchase Peloton Bikes, Treads, and accessories.
"We are excited to partner with Truemed to make it easier for our Members to invest in their health and wellness," said a Peloton spokesperson. "This partnership is a testament to our commitment to providing access to fitness for everyone."
The partnership between Peloton and Truemed is a significant development in the fitness industry. It is the first time that a major fitness company has partnered with a healthcare administrator to allow HSA/FSA spending on fitness equipment. This partnership is expected to make it easier for consumers to afford Peloton equipment and encourage more people to invest in their health and wellness.
"We are proud to partner with Peloton to help people achieve their fitness goals," said a Truemed spokesperson. "This partnership is a win-win for consumers and the healthcare industry."
How it Works
To use their HSA/FSA funds to purchase Peloton equipment, consumers must first obtain a Letter of Medical Necessity (LMN) from their healthcare provider. The LMN must state that the Peloton equipment is medically necessary to treat a specific medical condition. Once the consumer has obtained an LMN, they can submit it to Truemed for approval. Upon approval, consumers can use their HSA/FSA debit card to purchase Peloton equipment.
Benefits of Using HSA/FSA Funds
There are several benefits to using HSA/FSA funds to purchase Peloton equipment. First, it allows consumers to save money on their purchase by using pre-tax dollars. Second, it makes it easier for consumers to afford Peloton equipment. Third, it encourages more people to invest in their health and wellness.
Other Fitness Brands Partnering with Truemed
In addition to Peloton, Truemed has partnered with several other fitness brands, including Crunch Fitness, CrossFit, Momentous, and Plunge. These partnerships are making it easier for consumers to use their HSA/FSA funds to purchase a variety of fitness products and services.
About Peloton
Peloton is a leading interactive fitness platform that offers live and on-demand fitness classes. Peloton has a community of over 7 million Members worldwide.
About Truemed
Truemed is a healthcare administrator that provides HSA/FSA administration services to employers and individuals. Truemed is committed to making it easier for people to access and afford healthcare.
Conclusion
The partnership between Peloton and Truemed is a significant development in the fitness industry. It is expected to make it easier for consumers to afford Peloton equipment and encourage more people to invest in their health and wellness.