We are incredibly excited to announce a new partnership that will help your clients save massively on their fitness and wellness journey.
Thanks to our exciting new partnership with Truemed, qualified individuals can now get reimbursed for their TrueCoach sessions from their HSA/FSA accounts. Because these are pre-tax dollars, this effectively means customers receive up to 30% savings on your services. With your clients now being able to use healthcare dollars to pay for your coaching, this benefit is just as much for you as it is for them.
By providing this option, we hope to increase:
- Retention on athletes and clients who might cancel
- Conversion for athletes and clients who might be on the fence to purchase
- Average spend by your existing athletes and clients
Unlock Your Clients’ Tax-Free Benefits
With TrueMed, they can use these tax-free funds to pay for your coaching services, potentially saving an average of 30%! This not only makes your services more affordable for new clients but also helps existing clients save on future sessions, lowering churn rates and increasing long-term commitment.
How TrueMed Works
- Provide customers with this link: www.truemed.com/truecoach – this link takes your customers to the Truemed X TrueCoach landing page.
- By clicking “Get Started” they will be taken to the telehealth survey, after which they will pay a small fee ($20) to Truemed to facilitate the evaluation of their Letter of Medical Necessity.
- Their responses are reviewed by Truemed’s partner licensed practitioners. If the practitioner determines that your personal training or coaching services are recommended given the athlete’s medical condition, they will email the athlete a Letter of Medical Necessity (LMN), along with instructions on how to submit their payments for reimbursement.
- This letter is valid for 12 months. If the customer experiences any issues with reimbursement, Truemed has a best-in-class support team who will work with them to resolve. They can be contacted at support@truemed.com.
Customers can think of their $20 payment for their LMN as unlocking a 12 month savings by allowing them to use pre-tax dollars.
How To Offer This To Your Clients:
We recommend promoting this exciting new payment method in your most successful marketing channels. Whether via Social Media, Emails, or SMS, driving your athletes towards this new way to pay is most successful when your athletes are aware, educated, and excited. Check out some promotional resources (specifically email & social media best practices) here.
In addition to mentioning that you accept HSA/FSA funds in your sales conversations, on your website, and in marketing materials, you can reach out to your existing clients with an email or message informing them about this new way to save on coaching. This proactive communication highlights the opportunity for clients to reduce costs and encourages them to take advantage of the benefit. See some of our sample marketing templates for you to copy below.
Subject: Save Up to 30% on Coaching with Your HSA/FSA Funds! 💪
Hi [Client’s First Name],
I’ve got some exciting news to share with you!
You can now use your HSA/FSA funds to pay for my coaching services! 🙌 This means you could save up to 30% on your fitness journey, making it easier to stay on track with your goals while keeping more money in your pocket.
Here’s how it works:
- If you have an HSA (Health Savings Account) or FSA (Flexible Spending Account), you can use – these tax-free funds to cover the cost of your personal training sessions.
- By using these funds, you could reduce your out-of-pocket expenses by up to 30%—talk about a win-win!
Ready to get started or want to know more? Just reply to this email or shoot me a message, and I’ll help you set it all up. 💬
Looking forward to helping you crush those fitness goals—now with even more savings!
Best,
[Your Name]
[Your Business Name]
[Your Contact Info]
Hey [Client’s First Name]! Exciting news—you can now use your HSA/FSA funds to pay for my coaching! 🙌 Save up to 30% on sessions. Ready to get started? Let me know! 💪
🚨 Big News! 🚨
Exciting news! We’ve partnered with @truemedpayments to allow you to use your Health Savings Account (HSA) or Flexible Savings Account (FSA) to reimburse your purchase for [Merchant Name] products, if eligible!
That means shopping with pre-tax dollars, resulting in a net savings of 30% on average for you.
The process is simple.
- Make your purchase: Browse our selection and add your go-to products or new finds to your cart. When checking out, pay with your credit card.
- Complete health assessment: Take a quick, private health survey that you can find in your order confirmation. A licensed provider will review your answers to determine eligibility. If eligible, you’ll receive a Letter of Medical Necessity (LMN) within 1-2 days.
- Submit for HSA/FSA Reimbursement: Follow the instructions that are emailed to you with your LMN to submit your purchase to your HSA/FSA administrator for reimbursement. Claims are typically paid out in 1-2 weeks.
Go to www.truemed.com/truecoach for more information!
Get Started with TrueCoach x TrueMed
At TrueCoach, we are dedicated to making it easy for you to launch, scale, and sustain your business for years to come. Thanks to TrueMed, it’s never been easier to help your clients take control of their health while growing your business hand-in-hand.
Start your free 14-day trial with TrueCoach, and navigate to “Partner Perks” to get started.
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FAQs
Below are some answers to questions your customers might ask you:
Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) are tax-free accounts that can be used to pay for qualified health expenses. These accounts are usually set up and managed by an HSA or FSA administrator, and you should have access to said HSA/FSA administrator through your employer (ask your HR department!).
HSAs are typically associated with a high-deductible health plan, and funds do not expire. FSAs are independent of your health plan, and funds elections occur in October-November each year for the following calendar year. FSA funds expire every calendar year.
Unfortunately, HSAs and FSAs are not available outside of the US, and self-employed individuals (who do not have an HSA from a previous employment) do not qualify for HSAs or FSAs.
Truemed partners with merchants and brands to enable qualified customers to use HSA/FSA funds on qualified products and services that are used to treat, mitigate, or prevent a diagnosed medical condition. Truemed partners with a network of individual licensed practitioners who evaluate customers’ eligibility and issue Letters of Medical Necessity to qualifying customers, thereby saving customers money on legitimate medical expenditures.
Truemed is backed by best-in-class investors, including functional medicine pioneer Mark Hyman and founders from Thrive Market, Eight Sleep and Levels.
HSA/FSA accounts were created so individuals could use pre-tax money to pay for expenses used to treat, mitigate, or prevent a diagnosed medical condition. Because HSA/FSAs use pre-tax money, you’re getting more purchasing power for your dollars. Rather than pay taxes on income and then spend it on health items, qualified customers can use pre-tax funds to invest in their health.
An individual can contribute up to $4,150 pretax to their HSA per year, or $8,300 for a family (plus an additional $1,000 if you are at least 55 years old). Almost every qualified individual will save between $1,000 and $2,000, depending on their state and tax rate.
Please see TrueMed’s dedicated support article here.
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Article by TrueCoach
First published: October 15 2024
Last updated: October 16 2024