Help Your Members Save Money without Losing Revenue: Get Approved to Accept HSAs
The North East CrossFit Affiliate team posted on their Instagram promoting an upcoming call to help affiliates become approved vendors for accepting Health Savings Accounts (HSAs) at their businesses. Affiliate Reps and TrueMed will be on the call, which will take place tomorrow, Thursday September 21st from 2:00 PM-3:00 PM eastern time.
What is an HSA? Health Savings Accounts (HSAs) let you set aside money before it’s taxed to pay for health care costs.
- Withdrawals used to cover qualified medical expenses are tax-free.
- HSAs may be funded by contributions from the employer, employee, or both.
- Employers may choose to contribute a set amount or make “matching” contributions.
What is TrueMed? TrueMed integrates a gym’s existing payment flows to enable clients to reimburse payments using their HSA funds.
- Many supplements, exercise classes and equipment, gym memberships, sleep aids, and other health services count as qualified medical expenses.
- Gym members will need to get a Letter of Medical Necessity (LMN) from a licensed provider, validating that the services or products at your gym can aid in disease prevention or reversal. TrueMed makes the process of obtaining these LMNs simple and straightforward.
- If a customer’s claim is denied, TrueMed has a reimbursement guarantee, where they will compensate for the difference.
The bottom line: If gym members are able to fund membership dues with their HSA. it allows them to utilize pre-taxed dollars, which for some, may have partially been contributed by their employers.
This means the gym will not lose any revenue, while allowing their members to save money, setting the stage for better retention in the long term. To learn more about this, register and join the call this Thursday.