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Truemed Launches Platform for Using HSAs and FSAs for Wellness

Truemed, a firm that aims to help individuals use their tax-free health savings accounts (HSAs) or flexible spending accounts (FSAs) for healthy food, exercise and supplements, publicly launched Monday (Sept. 18).

Merchants have already managed $3 billion of gross merchandise volume (GMV) through the platform, TechCrunch reported Monday. These merchants include CrossFit, Magic Mind and Kos.

Reached for comment by PYMNTS, a Truemed spokesperson confirmed in a phone call the public launch and the GMV figure.

Founded by entrepreneurs Calley Means and Justin Mares, Truemed aims to incentivize individuals to prioritize their well-being by revolutionizing healthcare payments, according to the report.

Means and Mares have raised $3.5 million for Truemed and gained support from prominent investors in the health and wellness industry, the report said. Their long-term goal is to shift the focus from reactive healthcare spending to preventive measures.

Truemed recognizes the untapped potential of HSAs and FSAs, which collectively hold an estimated $140 billion, per the report. To unlock these funds, Truemed partners with health and wellness brands and integrates their payment systems. As an approved Shopify payment integration, Truemed simplifies the checkout process for consumers, making it easier to use their HSA/FSA funds for eligible health and wellness products.

To access these funds, consumers answer a few health-related questions during the payment process and provide their HSA/FSA information, according to the report. Truemed then collaborates with healthcare providers to obtain a letter of medical necessity, if required, through asynchronous telehealth integration. This approach expands the coverage of HSAs and FSAs to include a broader range of health and wellness products.

Truemed’s mission goes beyond facilitating payments; it aims to drive behavioral change and encourage healthier habits, the report said. The company plans to onboard more merchants, offering a wider selection of health and wellness products for consumers.

In another recent development in this space, grocery giant Albertsons Companies announced in March that it was partnering with global FinTech giant FIS and healthcare technology company Soda Health to enable consumers to use their health benefits funds on eligible purchases from the grocer’s stores.