TrueMed, a payment integration company, has launched a new platform that aims to change healthcare spending habits. The platform allows consumers to use their tax-free health savings account (HSA) or flexible spending account (FSA) dollars to pay for healthy food, exercise, and supplements. With regulatory compliance and the ability to seamlessly collect information and produce necessary notes without a doctor’s visit, TrueMed is revolutionizing the way people think about their healthcare spending. The company’s mission is to shift the focus from intervention after people get sick to incentivizing metabolic habits that promote overall health.
TrueMed’s payment integration platform enables consumers to use their HSA or FSA dollars to purchase health and wellness products. By partnering with leading health and wellness brands, TrueMed is able to integrate its platform into their checkout systems, allowing customers to pay using their healthcare savings accounts. The platform also includes a telehealth component, making it convenient for users to access necessary medical information and prescriptions. TrueMed’s mission is to encourage consumers to prioritize their health and well-being by using their healthcare dollars in a way that promotes preventive care.
In today’s healthcare landscape, focus is often placed on treating illnesses and medical conditions once they occur. However, TrueMed aims to shift this mindset by providing a platform that allows individuals to use their HSA or FSA dollars to invest in their health and well-being. By leveraging telehealth laws and regulatory compliance, TrueMed has created a seamless payment integration platform that makes it easy for consumers to purchase healthy food, exercise equipment, supplements, and other health-related products.
TrueMed’s Mission to Change Healthcare Spending Habits
TrueMed’s overarching mission is to change the way people view healthcare spending. Currently, the majority of healthcare dollars are spent on interventions after individuals become sick. TrueMed wants to incentivize metabolic habits such as proper nutrition, exercise, and sleep, by allowing individuals to use their healthcare dollars for these purposes. By shifting the focus from sickness to health, TrueMed aims to create a healthier society and reduce the economic burden of healthcare costs.
How TrueMed’s Payment Integration Platform Works
TrueMed’s payment integration platform works by partnering with health and wellness brands and integrating its platform into their checkout systems. Once a customer selects the option to pay using their HSA or FSA, they will be asked a series of health-related questions. TrueMed then connects with a provider asynchronously to verify and issue a letter of medical necessity, if appropriate. This integration allows for a seamless payment flow, where customers can use their healthcare savings account funds to pay for their purchases.
Partnerships with Health and Wellness Brands
TrueMed has formed partnerships with several health and wellness brands to expand the range of products that individuals can purchase using their HSA or FSA dollars. By becoming the only approved Shopify payment integration, TrueMed has positioned itself as a leading platform in the healthcare industry. By partnering with brands like CrossFit, Magic Mind, and Kos, TrueMed is able to offer a wide variety of health and wellness products to consumers.
Unlocking Unused Health Savings Account Funds
TrueMed has identified a significant amount of unused funds in the HSA and FSA accounts of individuals. It estimates that there is around $140 billion sitting in these accounts, largely unused. To unlock these funds, TrueMed’s platform allows individuals to use their healthcare savings account dollars for a wider range of health and wellness products. This not only benefits consumers by allowing them to invest in their health, but also helps to stimulate the economy by directing funds towards the health and wellness industry.
The Increase in Contribution Limits for Health Savings Accounts
Earlier this year, the IRS increased the contribution limits for health savings accounts. Individuals can now contribute up to $4,150 for an individual and $8,300 for a family. This increase in contribution limits provides individuals with more flexibility and opportunities to invest in their health. TrueMed’s platform aligns perfectly with this increase, as it encourages individuals to make use of these increased limits in order to prioritize their health.
The Telehealth Component of TrueMed’s Payment Flow
One of the key features of TrueMed’s payment integration platform is its telehealth component. This component allows individuals to access necessary medical information and prescriptions without having to physically visit a doctor. Thanks to telehealth laws resulting from the global pandemic, TrueMed is able to collect medical data and issue necessary notes asynchronously. This convenience makes it easier for individuals to obtain the medical documentation required for certain health-related purchases.
TrueMed’s payment integration platform is revolutionizing the way individuals approach their healthcare spending. By allowing consumers to use their HSA or FSA dollars for health and wellness products, TrueMed is incentivizing preventive care and overall well-being. With partnerships with leading health and wellness brands and a telehealth component, TrueMed is simplifying the process of using healthcare savings accounts for health-related purchases. As more individuals recognize the value of investing in their health, TrueMed’s platform has the potential to create a significant impact on healthcare spending habits and overall population health.