Peloton is the latest brand to make it easier for customers to use pre-tax healthcare funds to purchase fitness and wellness products
Peloton is making it easier for Americans to purchase fitness equipment with tax-free healthcare funds, partnering with payment solutions company Truemed to offer an HSA/FSA check-out option.
Through the partnership, Peloton customers in the United States can use their pre-tax health savings account (HSA) and flexible spending account (FSA) dollars to buy Peloton equipment including the Peloton Bike, Bike+, Tread, Tread+ and Row.
On the Peloton website, U.S.-based consumers can select a “pay with HSA/FSA funds” option at checkout for qualifying purchases, where they’ll be redirected to the Truemed site to complete the steps needed to obtain a letter of medical necessity (LMN) and use their HSA/FSA funds to buy equipment.
According to Peloton and Truemed, consumers can save up to 40% on their purchase of Peloton equipment by taking advantage of HSA/FSA funds, which are pre-tax accounts that Americans can use to pay for qualified healthcare costs ranging from medical bills to eyeglasses to fitness products.
The HSA/FSA market is valued at around $150 billion, with many Americans opting in to contribute funds and sometimes struggling to spend them on qualifying purchases.
“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.”
Fitness Brands Embrace Healthcare Spending
Peloton becomes the latest major fitness and wellness brand to make it easier for customers to use HSA/FSA funds to purchase things like equipment, gym memberships and supplements.
Truemed has struck similar partnerships with brands including Crunch Fitness, CrossFit, Momentous and Plunge. Most recently, the payment solutions company partnered with CorePower Yoga to help people unlock HSA and FSA funds for yoga classes and memberships at the popular chain.
Other digital platforms have cropped up to help fitness brands take advantage of HSA and FSA spending.
Telehealth provider Dr. B has struck partnerships with brands including F45 Training, SoulCycle and boutique fitness software platform Xplor Mariana Tek. Smart home fitness brand Tempo recently partnered with Flex to make its AI-powered strength training products available for purchase with HSA and FSA funds.
Last year, wellness and recovery tech brand Hyperice partnered with Sika Health to allow customers to use HSA and FSA funds on the brand’s Hypervolt, Normatec, Venom, Hyperice X, Vyper, Hypersphere and compression wearables lines.
