Truemed Gains National Attention, CrossFit Gym Members Can Save Up to 30%
Health and wellness benefits offered by employers are getting more attention as of late, thanks in part to a service called Truemed, which has helped to make gym memberships, meal services, supplements, and more, eligible for Health Savings Account (HSAs) and Flexible Savings Account (FSAs) funds.
HSAs and FSAs set aside money, before being taxed, to pay for qualified healthcare costs. CrossFit affiliates, Orangetheory, and F45 Training are among the fitness brands made eligible for these pretax dollars through Truemed.
Remind me: Morning Chalk Up writer Joey Adduci highlighted how local affiliates can get involved and start accepting HSAs and FSAs.
Truemed has gained national attention in recent weeks, including being featured in a Washington Post article discussing the expanded benefits that HSAs and FSAs can offer through outside services.
What does this mean for CrossFit? CrossFit affiliates who want to work with Truemed can become approved vendors and begin accepting HSAs and FSAs at their businesses.
- “Qualified customers are able to reimburse their CrossFit membership with HSA/FSA dollars – meaning a savings of 30% on average,” according to Truemed.
- The added benefit would mean no revenue loss for the affiliate, but a cost savings for the member.
- The average price of a CrossFit membership in the United States is $160 per month and the average length of client retention is 7.8 months, according to a data report from Two-Brain Business.
- Retaining members is a constant work in progress for affiliates, so adding an HSA/FSA option could ease the work and hopefully help maintain long-term memberships.
CrossFit HQ held a webinar on the program in September and gyms across the country have started to offer HSA/FSA eligibility through Truemed. The benefit is likely only going to spread as health and wellness offerings become more popular among the general population.
The bottom line: If you’re a current member or considering joining an affiliate, ask if they are offering HSA/FSA reimbursement or plan to in the future.