How does using your HSA/FSA save you money?
HSA/FSA accounts were created so individuals could use pretax money to pay for expenses incurred in the prevention or alleviation of a disease. Because HSA/FSA uses tax-free money, you’re getting more purchasing power for your dollars. Rather than pay taxes on your income and then spend it on health items, you can use pre-tax funds to invest in your health. This translates into an average of 30-40% savings on qualified medical expenses, which The Strength Studio of Idaho is included in.
What are HSA and FSA funds?
Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) are tax-free accounts that can be used to pay for qualified medical 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.
How does it work?
Using your HSA or FSA funds to cover your purchases with The Strength Studio is easy! There are three simple steps:
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We’ll provide you with a unique link to apply for eligibility (Takes 2 minutes to complete)
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If you’re eligible, Truemed will send you a Letter of Medical Necessity. This evaluation costs $30.
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Once you receive this letter, we’ll provide detailed instructions on how to use your HSA/FSA funds for future purchases and payments.
If you’re not yet a member, but considering The Strength Studio of Idaho, schedule a complimentary consultation. Your trainer can assist you with the application process to use your HSA/FSA funds to cover any purchase that you decide to make.