Peloton and Truemed Partnership Enables More Consumers to Prioritize Health Needs with HSA/FSA Dollars
Qualified customers can now purchase Peloton equipment using tax-free HSA/FSA dollars with a few quick steps
Truemed, the payment solution for merchants at the forefront of treating and preventing chronic disease, today announced a partnership with Peloton (NASDAQ:PTON). The partnership will make it easier for qualified US-based Peloton customers to use pre-tax Health Savings Account (HSA)/Flexible Spending Account (FSA) dollars to purchase applicable Peloton products, saving customers up to 40% off their purchase. Applicable products include the Peloton Bike, Bike+, Tread, Tread+ and Row. This partnership enables unprecedented access to fitness as a way to address chronic health conditions.
Through this collaboration, Truemed and Peloton seek to empower individuals to prioritize their health by streamlining consumers' ability to invest in and save on health products and services. Unlocking pre-tax funds for exercise equipment will enable more consumers to prioritize their health needs and make fitness a part of their every-day lives.
"Root-cause interventions are a critical part of healthcare, and helping people find what uniquely works for them is key in sustaining these long-term commitments," said Justin Mares, co-founder and CEO of Truemed. "With a global player like Peloton, we're helping connect consumers with more of the health practices they love as we continue our work in improving access, options, convenience, and incentives."
Physical exercise is paramount for cardiovascular health and the treatment and/or prevention of prominent chronic conditions including obesity and diabetes. Truemed is devoted to educating consumers about the importance of preventative health, and through this lens, is revolutionizing the way individuals think about and use their HSA and FSA funds. Together with Peloton, which is known for its pioneering, innovative fitness solutions that have become an integral part of millions of lives, this offering marks a major moment in incentivizing fitness as a valuable lever of health intervention.
"At Peloton we are committed to making fitness and wellbeing accessible to anyone, anywhere," said Greg Hybl, Senior Vice President of Peloton for Business. "Through our partnership with Truemed, we are making it even easier for qualified customers to utilize their pre-tax HSA and FSA funds, gaining access to our world class content to invest in their health and wellness."
The process is simple:
- At checkout, consumers select the "Pay with HSA/FSA funds" payment method to be redirected to the Truemed website.
- This is followed by a brief health survey. Once completed, enter an HSA/FSA card or credit/debit card to finalize the checkout process.
- Submitted responses will be reviewed by a licensed medical provider, and if eligibility is confirmed, a Letter of Medical Necessity (LMN) will be issued. (If a credit or debit card is used as payment, reimbursement from the HSA/FSA can be requested).
For more information on how to leverage Truemed HSA/FSA benefits to purchase Peloton products, visit www.onepeloton.com/truemed.
About Truemed
Truemed enables HSA/FSA spending on items that can help cure, treat, mitigate and prevent chronic disease: exercise, supplements, sleep aids, and more. HSA/FSA accounts are a $140 billion pot of funds that qualified Americans can unlock to treat and alleviate chronic conditions that many have. For more information, visit www.truemed.com.
About Peloton
Peloton (NASDAQ:PTON) provides Members with expert instruction, and world class content to create impactful and entertaining workout experiences for anyone, anywhere and at any stage in their fitness journey. At home, outdoors, traveling, or at the gym, Peloton brings together innovative hardware, distinctive software, and exclusive content. Founded in 2012 and headquartered in New York City, Peloton has millions of Members across the US, UK, Canada, Germany, Australia, and Austria. For more information, visit www.onepeloton.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241010735364/en/