Wahoo Fitness, a leading provider of fitness technology for endurance athletes, has announced a new payment option that allows customers to use their Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) to purchase a wide range of its products. This move could significantly reduce the financial barrier for athletes looking to invest in high-quality training equipment.
What are HSAs and FSAs?
Before diving into the specifics of Wahoo’s announcement, it’s essential to understand what HSAs and FSAs are. Both are tax-advantaged savings accounts designed to help individuals pay for healthcare costs.
- Health Savings Accounts (HSAs): These accounts are available to individuals with high-deductible health plans (HDHPs). Contributions are tax-deductible, the account grows tax-free, and withdrawals for qualified medical expenses are also tax-free. Importantly, HSA funds roll over year to year and don’t expire.
- Flexible Spending Accounts (FSAs): These are employer-sponsored accounts that allow employees to set aside pre-tax dollars for healthcare costs. However, FSA funds typically have a “use-it-or-lose-it” rule, meaning funds must be used within the plan year, although some plans offer a grace period or allow a small rollover amount.
Both account types offer significant tax advantages, allowing individuals to save money on eligible healthcare expenses. This makes them valuable tools for managing healthcare spending.
Wahoo Fitness’s New Payment Option
Wahoo Fitness, recognizing the potential savings for its customers, has partnered with Truemed to enable HSA and FSA payments directly on their website, wahoofitness.com. This partnership streamlines the process, making it easier for customers to use their pre-tax dollars on eligible products.
This new payment method applies to a range of Wahoo’s most popular products, including:
- KICKR Smart Trainers: This includes the KICKR, KICKR Core, and KICKR Move. These trainers allow for indoor cycling, providing a realistic feel.
- KICKR Smart Bikes: Such as the KICKR Bike and KICKR Bike Shift, these are full indoor bikes that replicate the experience of outdoor riding.
- KICKR RUN Treadmill: Wahoo’s new treadmill brings the experience of outdoor running indoors.
- Heart Rate Monitors: Including the TICKR range, these are essential for monitoring workout intensity.
- RPM Sensors: These measure cadence and speed, allowing athletes to track their performance.
By making these products eligible for HSA and FSA spending, Wahoo is aiming to make their technology more accessible to a wider audience, which ultimately encourages more individuals to invest in their health.
How the HSA/FSA Payment Process Works
The process for using HSA/FSA funds on wahoofitness.com is designed to be straightforward:
- Select Payment Method: During checkout, customers choose “Pay with HSA/FSA funds.”
- Complete Health Survey: Customers are redirected to the Truemed website where they complete a brief health survey. This survey helps determine eligibility for a Letter of Medical Necessity (LMN).
- Finalize Purchase: Customers can complete the purchase using their HSA/FSA card or another payment method. If using a credit or debit card, they can seek reimbursement from their HSA/FSA provider.
- Letter of Medical Necessity (LMN): A licensed medical provider reviews the health survey responses and issues an LMN if the customer is eligible. This is a crucial step for using HSA/FSA funds for fitness equipment.
If a customer does not qualify, the purchase will be refunded. This system helps ensure compliance with HSA/FSA guidelines while making the process user-friendly.
The Importance of a Letter of Medical Necessity
While some health-related products like blood pressure monitors are typically covered without additional documentation, fitness equipment often requires a Letter of Medical Necessity (LMN). This letter from a healthcare provider states that the equipment is essential for treating a specific medical condition.
Why is the LMN Required?
HSA and FSA funds can only be used for medical expenses, which are defined as goods or services that prevent or alleviate a specific illness, injury, or disability. General wellness expenses, like a gym membership used for general health, typically don’t qualify.
However, if a doctor recommends exercise to treat or prevent a specific condition, then fitness-related expenses can become eligible. For example, if a physician prescribes an exercise bike to help manage heart disease or a treadmill to assist with weight loss related to obesity, the cost can potentially be covered.
How to Obtain an LMN
To obtain an LMN for fitness equipment, follow these steps:
- Consult with your Doctor: Schedule an appointment with your physician and discuss how exercise can improve your condition.
- Medical Evaluation: The doctor will assess your health and determine if fitness equipment is medically necessary for your condition.
- Receive the LMN: If approved, the doctor will provide an LMN that specifies the type of equipment needed and why. Some online services can also provide this document after an evaluation.
- Submit LMN: When submitting to Truemed, a licensed medical professional will review the information and issue the LMN if eligible.
- Keep Documentation: It’s important to keep a copy of the LMN, receipts, and other relevant documents for your records and insurance provider.
Potential Savings for Customers
By utilizing HSA or FSA funds, US-based customers can save up to 30% on eligible Wahoo purchases, depending on their tax bracket. This is because the funds used are pre-tax dollars, which reduces the overall cost of the product.
This significant saving can be a major incentive for individuals to invest in their health and fitness. It also enables access to Wahoo products, which can be a significant investment for serious athletes.
What Else Can You Buy With HSA/FSA Funds?
Beyond Wahoo fitness equipment, HSA and FSA funds can be used for various other health-related expenses, including:
- Medical Devices: Such as blood pressure monitors, continuous glucose monitors, and other health monitoring devices.
- Therapeutic Equipment: Including massage guns, compression socks, and foam rollers.
- Fitness Programs: Some medically supervised weight loss or physical therapy programs.
- Orthopedic Items: Such as custom shoes and inserts.
- Prescription Medications: Including medications and medical supplies.
- Other Medical Expenses: Co-pays, deductibles, and other healthcare costs.
Wahoo Fitness’s Commitment to Accessibility
Gareth Joyce, CEO of Wahoo Fitness, stated, “We’re thrilled to offer this new integration, expanding access to our products for endurance athletes who want to invest in their fitness and health. At Wahoo, we are committed to removing barriers to better training, and this partnership with Truemed is another step toward achieving that goal.”
This move underscores Wahoo Fitness’s commitment to making its products more accessible, which allows a broader range of athletes to benefit from its innovative technology.
Key Takeaways
- Wahoo Fitness now accepts HSA and FSA payments for a range of products, including their KICKR line, heart rate monitors, and RPM sensors.
- This partnership with Truemed streamlines the process, making it easier for customers to use their pre-tax dollars.
- A Letter of Medical Necessity (LMN) is often required for fitness equipment purchases to qualify under HSA and FSA guidelines.
- Customers can potentially save up to 30% on eligible purchases by using HSA or FSA funds.
- Wahoo Fitness is committed to making high-quality fitness technology more accessible to athletes.
By understanding how HSAs and FSAs can be used, individuals can make informed decisions to improve their health while also saving money. This announcement from Wahoo Fitness represents a significant step forward in making fitness and training more affordable and accessible.
